Reducing Mortgage Overpayment & Requiring Two Signatures

Just wondering if anyone can help me with this. I posted this in the mortgages section but did not get a response


I am in a marriage seperation situation. We are both still living in the family home which is incredibly awkward. We are currently over paying our mortgage ; jointly held mortgage, coming out of joint bank account, but only my income is being fed into this jointly held account.

I want to stop the mortgage overpayment, but my wife wants to continue the mortgage overpayment, perhaps because she believes she remain living in the house longterm and therefore paying off the mortgage early suits her purposes. The financial insitution are saying that they need 2 signatures to reduce the mortgage repayment down to its normal level. The continued overpayment of the mortgage is leaving us with a low balance in the account before payday, and could potentially push it into the red.

I feel this is unfair. Any ideas? What is the legal situation? I simply want to revert to normal mortgage repayments

Can you not just cancel the direct Debit (online perhaps) and then set up a standing order for the reduced amount?

Seems strange that Bank need 2 signatures to reduce to contracted amount?I would have thought most husband/wife accounts either could sign?

Ask Bank why they cannot reduce the payments ,it maybe they are wrong .
If they cannot, open new ac and have salary paid into it , you can then pay normal amount on mortgage.Legally I see no issue atall provided you are paying normal repayments.

Caution though ; she will not be pleased!

Who is paying the Mortgage ?

There is nothing unusual about this, alterations to a joint mortgage would normally require signatures of all holders. The current account it is being paid out of is bound to be repayable to either so any one holder could sign on that but the joint mortgage is different.

Monbretia said:

There is nothing unusual about this, alterations to a joint mortgage would normally require signatures of all holders. The current account it is being paid out of is bound to be repayable to either so any one holder could sign on that but the joint mortgage is different.

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I do not think there is any alteration to mortgage , just the amount being paid into it, hence my query.

I was able to do this over the phone last time I changed. No signature required. It was with NIB/Danske.

I would consider changing the repayment an alteration to the mortgage, the repayment schedule is part of the original loan offer.