Interest only

[Jennifer8888]

Can anybody help. I split with my partner 4 yrs ago and he wanted to keep the house and mortgage. He approached me and asked me to sign for him interest only for 6 mths for him to buy some household appliances which I did. The mortgage company took it upon themselves to extend this by a further 10 months totally 16 months. Does anyone know if they are allowed to do this with the mortgage been in joint names. I have been to the fos and
he as sided with the mortgage company.

[Floggingmolly]

Didn't you notice what you were paying?

[Jennifer8888]

Hello no because the mortgage company wasn't sending me any paper work and according to the fOS they didn't need to as long as they were sending one lot out, which was going to my ex

[Stormtreader]

But you must have noticed that the amount you were paying every month on the mortgage didnt increase after the 6 months?

[Isitmebut]

Jennifer8888 .... a mortgage lender in the current environment signing off buying household appliances and then extending a mortgage loan, if correct, something is a bit iffy here.

Are we talking about them extending a MORTGAGE here, or did they take the mortgaged home as collateral for a separate 'appliance of science' loan by/to your partner?

Aside from that, the fact that you are still on the mortgage 4-years later would suggest to me that you think that you are benefiting from 'the proceeds of (housing price) growth', yes or no?

But even then, buying appliances hardly improves the value of the home, so I can't see your upside.

Are you sure you read through the documents purpose/terms of the loan?

Your partner may be having problems paying the lender on the mortgage for the mortgage or white goods, either way, it doesn't look good for his ability to service his debts, unfortunately in joint names with you.

Pretend Mumsnet is a less harsh judgemental Judge Rinder and tell us the full story.

[prh47bridge]

I would suggest that you get Mumsnet to move this to a more appropriate forum. I don't think your mortgage is in the national news!

Without a lot more information it is impossible to judge the rights and wrongs of the situation. However, the fact the FoS has not upheld your complaint strongly suggests that the mortgage provider has not done anything wrong. Whether or not your partner has done something wrong is a separate matter and not something the FoS would decide.