If my ex husband dies am I solely responsible for our mortgage?
Posted on 19 September 2014 by Vasanthi
My ex husband and I have both our names on the mortgage and he pays me sufficient maintenance to cover this and bills each month. If he dies, am I solely responsible or does the estate pay off the debt?
The short answer is, that it depends on what his will says. All joint mortgage borrowers are "jointly & severally" liable for the loan, which is to say that if your ex-husband died, the lender would still expect you to make the monthly mortgage payments.
Protection of a mortgage and / or income is an area which many borrowers ignore, choosing to focus on the future rather than dwelling on their own mortality, but many borrowers would have no way of paying the mortgage should something happen to one or other of them or their income.
I would suggest that you discuss this with your ex-husband sooner rather than later, to establish where you currently in the event anything happens to him. Once you know what's in place, you can then decide what, if any protection needs to be put in place.
If you'd like to discuss your options in more detail, then please contact one of our consultants on 0344 346 3672 and they'll be able to give you an idea of the different types of protection products there are available.
More than mortgages, talk to me about: Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance General Insurance | Valuations | Conveyancing | Wills | Home finders
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.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.