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Mortgage payments as a single parent

(4 Posts)
popalot Mon 17-Oct-11 17:11:42

I have a friend who is considering a split, but is concerned her mortgage lenders might kick up a fuss. She was/is the main breadwinner, and can affotrd the mortgage repayments, but will they give her grief as he will no longer be contributing?
And how will she deal with the halving of joint debt like credit card and loans? they have a joint account.
They are not married but have children.
Any advice would be great, even where to look for advice etc

mumblechum1 Mon 17-Oct-11 18:39:25

She needs to make a formal application to the lender for the mortgage account to be transferred into her sole name. They will let her know their decision in writing, and if they agree, then the lender will have to be named on the transfer deed (the doc. transferring ownership of the property) as the lender needs to formally release the ex.

If they say no to the account being transferred she may still be able to get the house transferred but indemnify her ex in the event that the mtge isn't paid (tho' he'll be advised not to do so)

popalot Mon 17-Oct-11 21:36:47

Ok, so it's up to the lender really. Thanks for the advice on indemnity too, not heard of that before.

cestlavielife Tue 18-Oct-11 15:05:50

she needs to split her finances as far as possible from now ie have her own account.

anything truly joint is joint eg loan in both names.

credit cards may be in one main name plus second person - she needs to check who is the main name on credit card.

but if the house was/is owned jointly then ex will want his share of equity right? so she needs to buy him out? she needs to check how much equity there is on house -he could well be entitled to half of this equity

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