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Name on mortgage
EVIE2023
Posts: 2 Newbie
Hi all (i probably need independent advice but any help/advice) is appreciated.
I pay all the household bills except the mortgage - my husband pays this. We have now split up and i have found that he has taken a substantial increase against our mortgage. which now also has an extended mortgage term. Is it wise to get my name on the mortgage or will i then be responsible for th debt also. If we where to sell the property would this (extra debt) be deducted form his half of the sale price.
Any help would be appreciated.
Thank you
I pay all the household bills except the mortgage - my husband pays this. We have now split up and i have found that he has taken a substantial increase against our mortgage. which now also has an extended mortgage term. Is it wise to get my name on the mortgage or will i then be responsible for th debt also. If we where to sell the property would this (extra debt) be deducted form his half of the sale price.
Any help would be appreciated.
Thank you
0
Comments
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No, the mortgage is on the whole property so when you sell, the mortgage is paid off first. If you go into the mortgage you must go into the deeds so will need your husbands agreement. This then makes you liable for the debt though.EVIE2023 said:Hi all (i probably need independent advice but any help/advice) is appreciated.
I pay all the household bills except the mortgage - my husband pays this. We have now split up and i have found that he has taken a substantial increase against our mortgage. which now also has an extended mortgage term. Is it wise to get my name on the mortgage or will i then be responsible for th debt also. If we where to sell the property would this (extra debt) be deducted form his half of the sale price.
Any help would be appreciated.
Thank you1 -
You need a solicitor to help you negotiate a financial settlement, you could argue that you should have a greater percentage of the equity if he has extended the mortgage and kept the extra for himself.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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If you're intending to divorce, it's probably a bad idea to get yourself added to the mortgage now - because you'd just be making things more difficult to untangle later.It might be worth registering your home rights though, assuming you still live in your husband's property.1
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Thanks for your help its much appreciated0
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