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ex needs to stop paying half the mortgage

(3 Posts)
Mollymom Fri 21-Feb-14 19:19:26

House is on market so we can split equity half and half. He was paying half the mortgage plus child support and renting another property. He has now said he can't afford to do all this and has asked if he can stop paying half the mortgage and I can take what he should be paying as extra when the house sells or we can ask for a mortgage holiday. I am very reluctant to take a mortgage holiday as it will increase the monthly amount in future (and when I buy somewhere else).
I think I would need to get a solicitor to get it in writing won't I to cover my self? He wants the end of Feb to be the last payment of the mortgage.
Any other advice out there?

RedHelenB Sat 22-Feb-14 15:12:44

Are you living in the property? If so then he doesn't need to pay half the mortgage at all, he has his own housing costs to meet. Any chance you could both agree to get it changed to interest only until it sells?

Sneezecakesmum Sat 22-Feb-14 16:52:49

It works like this. He has a legal obligation to pay half the mortgage as he also signed the papers at the bank, but that obligation is voided (in effect) because you are getting the benefit of living in the house, which he is not, so therefore you are paying him rent for his half. You are not paying him actual money but paying the mortgage company your 'rent'.

Normally this arrangement must be notified to the mortgage company and your solicitor plus bank records to back it up as you will get the 'benefit' of these payments when the house is sold (if it is sold)

This is for unmarried couples, not sure if it is the same with married.

At least this is our experience!

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