Some advice please

RAS

The good thing is that you've currently got very little equity, so wouldn't have to pay much to buy him out. But with your debt you are most unlikely to be able to take the mortgage on yourself for some years. 

A cast iron financial settlement is going to be essential, as even if you are paying the whole mortgage, he will remain able to claim half the equity in 5-20 years when you sell up. Unless you can agree something contractual. He's not necessarily going to be keen as he remains jointly and severally liable for the mortgage. 

There's folk here who can advise on the SDLT implications for him.

Penguin29

RAS said:

The good thing is that you've currently got very little equity, so wouldn't have to pay much to buy him out. But with your debt you are most unlikely to be able to take the mortgage on yourself for some years. 

A cast iron financial settlement is going to be essential, as even if you are paying the whole mortgage, he will remain able to claim half the equity in 5-20 years when you sell up. Unless you can agree something contractual. He's not necessarily going to be keen as he remains jointly and severally liable for the mortgage. 

There's folk here who can advise on the SDLT implications for him.

Thank you for the input. I am fairly confident we could come to an agreement as it would affect our children and the break up hasn’t been for a bad reason just simply growing apart after 14 years. I used the calculator to see if I would get any universal credit and it came out at around 800 a month which would help me with house costs

I need to decide if the best thing is to start a DMP or just cancel my payments and go fro there once the accounts default. 

RAS

It's not just the mortgage payments in the short-term.
You will jointly need to renew you mortgage fix in a few years. Your ex could scupper that any time in the future.

As for your debt, is any of it associated with the bank into which your income is paid? Do you have any joint accounts? That need dealing with promptly.

Penguin29

The mortgage is up for renewal November 2027

we do have a joint bank account but my wages are paid into a separate account with no direct debts to that. Our joint account is NatWest and I have a NatWest credit card but that’s solely mine. 

RAS

So you need to get your name off the joint account pronto because Nat West are entitled to pay your personal debt from any account on which you are named, including joint accounts. Off-setting doesn't happen as often as it used to be you need to be safe. 

And once you default, that starts to damage your ex's credit record even more. The mortgage will still create an association but it won't be as bad if you remove consumer credit links and keep the mortgage up to date.

Penguin29

RAS said:

So you need to get your name off the joint account pronto because Nat West are entitled to pay your personal debt from any account on which you are named, including joint accounts. Off-setting doesn't happen as often as it used to be you need to be safe. 

And once you default, that starts to damage your ex's credit record even more. The mortgage will still create an association but it won't be as bad if you remove consumer credit links and keep the mortgage up to date.

Thank you, I will get onto this as soon as. 

In your option am I better off cancelling my payments to allow defaults then go to the company’s with an offer of payment? I have some DD due to come out in 3 days so understand I would still have to pay these. 

RAS

There isn't time to cancel DDs this month.

You can cancel Very and Virgin for next month onwards, although I'd wait until you've closed that joint account, or at least got your name off.

Try to get ex to initiate this to protect his credit record. He just needs to close it and move to a new sole account. Or get them to agree that you come off the account.

It's not beyond the wit of man to work out that if you are separating and you personally have a large debt, the bank is much more vulnerable, and he should assume that the bank's AI or basic systems can see this.