Joint Current Account/ Joint mortgage

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Ndiddy

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Do you have to have a joint CA to pay a joint mortgage? Can you pay from just one of the borrowers accounts?
Any negatives if possible?
 
I have a joint account with other half - each transfer money each month to cover mortgage and general bills (electricity / broadband / etc), it's just for household use. We always try to have a surplus in that account each month to help cover for unexpected things...

no negatives really - just needs to be managed and make sure that all the bills are covered. We are on similar salaries, so same amount each month goes to joint. If there was a difference in salaries, then I think, it should be weighted accordingly.

Ndiddy said:
Can you pay from just one of the borrowers accounts?
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Not sure what you mean by "pay" here - You can pay into the joint account from only one of the accounts and/or you can pay your mortgage from one of the borrower's account.
 
I think the point the OP is making is if you have a joint mortgage, does it have to be paid from a joint account and what are the implications if it is paid from just one of the borroweres own account (so in effect, the other is not paying directly)

I don't know what the legal ramifications of this are and what would be the implications if there was divorce proceedings but I know from a practical perspective, I have a joint mortgage and joint CA but have also swept some excess funds from my own CA against the mortgage in the past via my bank's app quite easily. So from a practical perspective, it's feasible, from a legal perspective, I can't answer that.
 
A mortgage payment can come from an account in a single name... both names may have to sign all the paperwork supplied by the lender. I guess if things went awry some way down the road that might be a sticking point for the two borrowers but it won't stop the mandate being set up in the beginning.
 
yes this is possible, just shut down a joint kbc account and am managing the mortgage payment via my own account in the future. To be honest I looked at opening a new joint account but with fees I decided against it as the sole purpose of the joint account was the joint mortgage and life assurance
 
FinCork said:
yes this is possible, just shut down a joint kbc account and am managing the mortgage payment via my own account in the future. To be honest I looked at opening a new joint account but with fees I decided against it as the sole purpose of the joint account was the joint mortgage and life assurance
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This is exactly our issue, we have individual accounts with N26 but wasn't sure if we had to have a joint account with fees when it would be just to pay the mortgage. Thanks
 
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