Hello, I wondered if I could get some advice from anyone who might have knowledge about a joint mortgage on a house so I can proceed with a financial consent order?
In a nutshell, my soon-to-be ex-husband moved out of the family home almost 4 years ago. From that point on he has only ever paid child maintenance. We are still joint on the mortgage as I cannot afford to buy him out or take his name off the mortgage. He has agreed I can stay in the house for a number of years to come and we have agreed a 60/40 split in mine and the children’s favour once the house sells.
my question are:
1. When we do sell, does he get 40% of the market value at that time? Even if he hasn’t paid the mortgage at all?
2. I’m due to remortgage and I can’t get a fixed rate in just my name as I don’t earn enough, he’s still on the mortgage but not on the electoral register etc, I can’t afford the variable rate payments. Any suggestions as to what to do?
Thank you for any advice any of you can give. It’s hard work trying to do all this alone and I don’t have the money for a solicitor.
I would think he’ll be expecting 40% split of the equity at the time of sale as whilst he’s tied up on your property, he’s not going to be able to get a mortgage and start again for himself on another property. Maybe you could clarify this with him on what his expectations are?
Re affordability, could you not either 1) extend the term of the mortgage this reducing the monthly payments or 2) pay interest only though in this case the balance will remain static and maybe time bound or 3) sell the property and move into something more affordable?