[Solved] Financial Liability for mortgage after separation?

I very much doubt it, as far as the mortgage provider is concerned you're on the mortgage agreement and are therefore liable. They don't care whether you are living there or not, or who pays the mortgage, as long as its paid. ...I could be wrong, I'm no expert, but that's my understanding.

Hi there. Mojo is right.
I am in the same situation albeit I live in the property and trying to get my ex to contribute towards the mortgage.

Spoke to the bank and all they are concerned about is the fact the mortgage is paid. Not who is paying it or who is living there.
Neither party is liable for 50% of the payment. Both are 100% liable to pay and who pays that is nothing to do with the lender.

Cheers

Thanks for the help guys.

Hi There,

Unfortunately Mojo is right, as you are named on the mortgage you are still liable for payments, you can have an agreemant that you don\'t pay towards it, but this will be with your ex only and the mortgage company won\'t accet this.

If she keeps up all the repayments then you will be ok, however if she defaults they will come to you to repay as you are named and responsible for the repayments.

You can go down this route and hope she keeps them up, but as a further note as far as I am aware as your name will remain on the property deeds you would still be able to make a claim on the value of the property in the future even if you stop making repayments, I would imagine if this route ended up in court then the amount awarded would reflect the stop in contributuion but it would still be there.

The best option in this case is that your ex takes a fresh mortgage in her own name, I know financially that may not be possible but that would be the only way to remove your liability from the mortgage.

GTTS

What would be the consequences of me moving out of the family home, renting somewhere new and not contributing to the existing mortgage? What position would that leave me in financially with regards to the property and mortgage.

It's gotten to the point now where I feel as though I have to leave soon, but cannot afford to pay for both places if I'm renting another home. She refuses to sell the house.

It depends, if your ex is still living there then it may force her to take over the payment of the mortgage, but if this is beyond her means financially then the mortgage company will pursue you both for payment and if default continues they will repossess the property. If there is negative equity then they will also pursue you both for payment of the shortfall.

Perhaps you can try and force her hand to sell by telling her that you are moving out and will stop paying and will allow the property to be repossessed. This will blacklist you both from buying in the future so it is in her best interests to agree to sell and move on.

That said I'm no expert! Good luck

I would get some legal advice, or speak to the citizens advice bureau before you consider this, just so you know what the possible consequences could be. I'm not saying don't do it, just that you know exactly what you are doing.

Thanks for the advice guys.

I had thought about doing what NannyJane suggested and telling her I would move out and no contribute to the mortgage to try and get her to agree to sell. Although she wouldn't get a remortgage on the property based on her income, she probably could just afford the payments each month.

If I moved out, stopped contributing towards the mortgage and she continued to make payments towards the mortgage... How would this affect me financially if she was to agree to sell the property in say a few years time? What would my financial monetary entitlement be?

Difficult to say - I would imagine that a court might well decide she would get the lions share of any equity. The problem you also have is that you are still named on the mortgage, which would almost certainly prevent you from getting a mortgage in your own name - still recommend you get advice on this.