Posted on 1 November 2012 by Emma
Hi I am divorced & both our names are currently on the mortgage,when we sell i get 60% Ex gets 40%. i Currently pay all the mortgage & receive £300 a month maintenance for the 2 children. I recently applied for a new 2 year fixed rate which would make my payments £100 a month cheaper but my ex is refusing to sign unless i give him half of the saving (£50).Can he do this????
As the mortgage is in joint names, it means that you are "jointly & severally responsible" (that is both parties are equally responsible for the payment of the loan), so technically as a signatory, he could ask for half of the saving, however it does sound rather petty for him to make such a request.
I would reccomend a quick chat to your solicitor for their advice as to how best to deal with the situation. One other option for you to consider would be, if you have the financial ability, to take the mortgage on in your sole and remove your ex-husband completely. His 40% interest could be retained on the property, but you would have the freedom to take advantage of any savings on the mortgage payments.
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