Keeping the mortgage in joint names

Posted on 19 October 2012 by Rachell

My partner & I have separated after 7 years we jointly own the property however I have a larger share as I place a £15000 deposit on the property. Although I pay the mortgage on paper the lender says I cannot afford it , my partner says he will sign something to state he will not make a claim on the property & is happy for me to remain is this possible ??

All mortgages taken out by joint borrowers are done so with the parties “jointly and severally responsible” for the loan. That means that even if the loan is based on one party’s income, both borrowers are equally liable for the mortgage payment. So as long as your ex-partner stays on the mortgage the lender most likely wont have any problems. From a legal standpoint you may wish to take up his offer, to have an agreement drawn up by your solicitor to protect you from him making a claim on the equity at a later date. As every lender has a slightly different way of assessing a mortgage application, there may be lenders who would allow you to tkae the mortgage on in your sole name. If you would like to discuss your mortgage options in more detail, please let me know and I’ll get one of our consultants to contact you.

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.

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