Posted on 24 January 2011 by julia price
I have been married for 26 years, but have met someone else I want to be with. I have 10 years remaining on my mortgage, what happens with this, do I still have to pay half the mortgage or does it depend on my salary? I am on a lot less than my husband.
Your mortgage is a joint and several commitment. This means that both you and your husband have an individual responsibility, regardless of income, to make sure that the mortgage repayments are met each month and that in the event of any default you can both be pursued for any loss made by the Lender. This responsibility remains regardless of who is living in the property until such time as the mortgage is repaid or is transferred to a new party/parties.
I recommend that you speak to your existing lender about their requirements for getting your name removed from the mortgage and then seek independent legal advice about your situation.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.