I moved out 6 months ago, do I still have to pay my share of the mortgage?

Posted on 9 January 2013 by Debbie


My partner still lives in our house which is jointly owned. At the moment I still pay half the mortgage but have not lived there for over 6 months. Do instill have to continue paying my share?

Debbie,

All joint mortgages are held as "jointly and severally liable." That is to say that both borrowers are equally liable for the full monthly payment, irresepctive of any agreement between you and your partner as to how much of the monthly comittment you have each agreed to pay. So in the event that you stopped paying your half, and your ex-partner couldn't afford to maintain the payment, then any arrears that accumulated on the loan, would affect both of your credit files equally.

If you now wish to come off the mortgage, then we'd need to explore whether your partner could afford to take on the mortgage in their own right, and if so, you could then look at doing a transfer of equity, whereby you will be removed from the mortgage and title deeds.

If you would like to discuss your enquiry in more detail, then please let me know and I'll arrange for you to speak with one of our consultants.

Regards,

Alistair

contact@johncharcol.co.uk

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