Posted on 4 October 2011 by Desi
My husband and I have split and going through a divorce, our mortage is in both our names but he now wants to stop paying it and have his name taken off. I have contacted my lender but they are unwilling to do this due to me not working, even though I can pay the monthly repayments with my benefits. Even when I do get a job I won't earn enough (£30k) to take him off the mortgage. Is there anything I can do to get the mortgage in my sole name? I am willing to take over the mortgage, but I'm stuck because I don't work at present due to looking after 3 children. Thanks
There are a few options for you to explore, but I think you need to look at the reasons why your lender will not remove your husband's name from the mortgage. The mortgage debt is secured on your property and if the payments fall into arrears and the worse comes to the worse, they can take possession and you would lose your home. By not releasing your husband from his covenants he is still responsible for the payments, regardless of where he is living and you are better protected from being made homeless.
As you are currently looking after your children the options you have are: 1) Sell the property and buy somewhere smaller with a smaller, affordable mortgage. 2) Find another person who is willing to replace your ex partner and get the property transferred into your joint names. 3) Reduce the mortgage debt to a level that is affordable. 4) Ask a close family relative if they would stand as guarantor for the current mortgage.
I think you should speak to your lender about these options and also speak to the Citizens Advice Bureau about securing your right of occupation and the benefits that may be available to you once the divorce is finalised.
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