Joint Mortgage

BoGoF

theshed wrote: »

Yes the points are wishful thinking.
Ok, how about, my imaginary twins miss there last bus home and borrow £10 to pay for a taxi. Twin A returns the following week, says Thank You here is my £5.
Twin B says sorry I not paying. Is twin A to be punished ?
The 'thread' seems to have been lost here.
My query/conundrum, call it what you will was to ask how a willing lender can, in effect punish the person who is ready and willing to pay back their agreed amount whilst the defaulter walks away ?

You are totally missing the point. Your daughter does not have an 'agreed' amount of half the mortgage. Nor does she own half a house

davidmcn

theshed wrote: »

Ok, how about, my imaginary twins miss there last bus home and borrow £10 to pay for a taxi. Twin A returns the following week, says Thank You here is my £5.
Twin B says sorry I not paying. Is twin A to be punished ?

If they were jointly responsible for missing the bus then why shouldn't they sort out between themselves how the loan is repaid?

My query/conundrum, call it what you will was to ask how a willing lender can, in effect punish the person who is ready and willing to pay back their agreed amount whilst the defaulter walks away ?

Because that's the law. And if weren't the law, it would be significantly more expensive (and/or more difficult) for couples to borrow money.

sal_III

This is not so uncommon situation and has been discussed here a million times. Basically your daughter has 2 options:

A) Buy out the ex and remortgage in her sole name. Keeping the house.
Sell the house, repay the mortgage then split any remaining funds with ex

The longer she postpones the decision the more money she pays on her own and although there are ways to extract 50%+ of the equity if she can prove she has paid in more, unless the ex voluntarily agrees to that the court battle will likely cost more than the gain.

theshed

Meeting with lender complete.
Following initial negativity and explaining the same thing to several different people not all bad news.
Not unlike this thread !
The upshot is, ex wants nothing and will sign agreement agreeing to that effect, also absolved of any costs.
Lender will renew mortgage with my Wife as joint owner and will not charge exit fees if renewing with them.

BoGoF

Your original question was what happens if daughter only paid half the mortgage and the advice given was based on that question.

The solution you have got is nothing like the question asked. Though I would reserve the gloating until it is all signed and sealed.

Thrugelmir

theshed wrote: »

Lender will renew mortgage with my Wife as joint owner and will not charge exit fees if renewing with them.

Mortgages aren't renewed. A full application will be required by both borrowers.

[Deleted User]

theshed wrote: »

Meeting with lender complete.
Following initial negativity and explaining the same thing to several different people not all bad news.
Not unlike this thread !
The upshot is, ex wants nothing and will sign agreement agreeing to that effect, also absolved of any costs.
Lender will renew mortgage with my Wife as joint owner and will not charge exit fees if renewing with them.

By having your wife come on to this mortgage I assume you are aware that she will be purchasing a share in the property and as such will be liable to pay stamp duty on the purchase? Since she owns a property already it will be at the additional property rate.

Just to avoid any last minute surprises for you

lassfarfromhome

It's really off the mark to view this as "punishment". Your daughter signed up to a mortgage for the whole amount. Both she and her ex are liable for the whole amount.

She needs to go and see a solicitor, the sooner the better.

theshed

"Though I would reserve the gloating until it is all signed and sealed."
Sounds like you are hoping for the worst ?
But the 'solution' is just that.

theshed

Renew was the phrase used by the mortgage consultant.
Possibly due to them already holding most of the details, and terms in principle will be the same.