Mortgage payments and divorce

Man1234

I'm now divorced and my ex is living in our old house. Neither of us is paying the mortgage because we have a payment holiday because we overpaid and the house is for sale.

What happens when the payment holiday ends? I think the bank will ask us to pay. I live elsewhere and have a new mortgage. I worry that if the payment holiday ends they will ask me to pay but I am already stretched with huge mortgage payment because all my equity is still tied up in that old house.

Will the bank expect me to pay up even though my ex lives there? I know my name is on the mortgage so I think they will. Will they repossess my new house? Will they expect me to pay even if I can't pay for my new house too?

My ex could pay the mortgage but is saving up. I could pay both mortgages if I didn't eat...

Can anyone tell me what would happen?

Thank you.

[Deleted User]

Your new mortgage was presumably assessed by the lender with your old mortgage still in place?
In which case it would have been deemed affordable for both mortgages to remain. What has changed?

You are jointly liable for the debt on the old house so once the payment holiday has ended they will expect paid by one of you on the due date. They wont care who it is and will mark both your credit files if you miss a payment.
The bank doesnt care what is happening in your relationship. They only care that they agreed to lend you money and you agreed to pay that back each month.

The wont be able to take your new home as the loan is not secured against that.

They will expect you to pay the mortgage if your ex doesnt. Your new mortgage company would also expect to be paid.

Did you tell the new mortgage company that you still had another mortgage that you were liable for?

csgohan4

Sell the house at a realistic house if your not getting offers, even cheaper than market value, as you cannot afford to pay two mortgages. Best to split financially than let it drag on.

Man1234

Thank you for your time.

I did give details of this mortgage when applying for my new mortgage but I have since taken a pay cut.

To be honest, I don't think my ex is in that much of a hurry to sell the house, possibly even obstructing it. Not paying for the mortgage and not paying any rent means there is no pressure there... The divorce was a long way from being amicable... This is why I worry that this sale will be dragged out to force me into an impossible situation financially. I just want to know how bad it can get for me...

My priority will be to make sure my new mortgage is paid.

[Deleted User]

Your credit rating will be destroyed very quickly with an unpaid mortgage on your report.

Lenders are forgiving for credit cards and loans but not paying a mortgage follows you around for an awful long time.

Your new home is not at risk as long as you pay rhat mortgage so I guess you make your difficult choices.
Good luck and hope it all works out as good as possible

Brock_and_Roll

My ex could pay the mortgage but is saving up. I could pay both mortgages if I didn't eat...

There is the OP's leverage over the ex!

Presumably the saving is for a deposit/mortgage. If that is the case, the ex can save all they like but they can kiss goodbye to a chance of a mortgage if they allow the existing one to go into arrears.

Best plan for all concerned is to sell it now during the payment holiday - at whatever price it takes to shift it.