Mortgage and Buy to Let Joint names.

B

Blackwexford

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Hi All
I am in a situation I was not expecting. I am getting seperated from wife of 20 years. For the passed few years I have been on a lot more money than my wife.
My wife can't afford her passed lifestyle and is now looking for me to fund this, if I don't she will not pay her portion of the mortgage. This has happened a few times and I have paid. Has anyone been in the same situation. Surly the amount of money earned by one person does not matter and we both have a responsibility to pay our share. I know that when we do separate fully assets will be split more or less 50 / 50. Any advice much appreciated.
 
Of course incomes matter… do you honestly think your responsibility ends at 50% of the mortgage? Are there children? Have you considered legal advice?! Ideally a mediator first
 
Thanks luckystar no kids, I have no issue paying more, but not when it come to funding a lifestyle. I need to get legal advice just wanted to know if anyone in the same circumstances
 
I’m sure plenty have been - she may well be awarded spousal maintenance, I suppose try agree as much as you can amicably and in the meantime try sort something out - perhaps a mortgage holiday or interest only for a while if the mortgage is an issue
 
There are no shares as such in a mortgage, you are both 'joint and severally liable' so if one can't/won't pay the other is liable for the full lot. Bank won't care about who earns more, they just expect it paid, definitely need legal advice at this stage.
 
Blackwexford said:
if I don't she will not pay her portion of the mortgage.
Click to expand...
Are you still living in the family home?
What is the plan?


Family home
Can you give the numbers?
Amount of mortgage
Value of home
lender
Are you still living in the family home?


If you don't pay the full mortgage, your credit record will be damaged. But does that matter to you? Are you likely to be looking for a mortgage again in the future?

If you don't mind your credit record being damaged, then you should pay "your half" of the mortgage on the family home. Of course, you are liable for the full amount, but the bank won't do anything about it other than write letters to you. You should write to the bank and tell them what you are doing.

Buy to let
Give the numbers again.
Where does the rent go?

It's a bit different in that the lender can and probably will appoint a receiver and you need to avoid this.

Alternatively, you pay the full buy to let and let her default on the family home.

Brendan
 
Put a record of your conversations in writing i.e. email her with what you have agreed or what you have disagreed on.

Keep an "account" of what you pay and what she pays.

Brendan
 
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