Taking over joint mortgage payments

[fassbender]

Hi all, I'm in a situation where I could take over the joint mortgage payments, but can not afford to buy my husband out or have my own mortgage for a new house (limited earning capacity as I have MS and have been retired from work due to ill health). My husband has no savings and is also on a low income.

Does anybody have any experience of taking over joint mortgage payments, keeping the other person's name in the deeds/mortgage but agreeing they'll only be entitled to half the house's worth when sold based on when they stopped paying the mortgage? Is this even doable?

In addition, are children's saving accounts taken into account as an asset, even though they are for the kids' futures?

Thanks for any experiences. I do plan on chatting to a solicitor for advice etc

I guess it can't be done then? :(

Not sure, I'm investigating it myself because I want to prevent my h getting any increase in value if I take over the payments. Fortunately he's on a high wage and has said he will pay half the mortgage and certain household costs

Children’s savings are not taken into account as an asset

I'm destitute and have found that it's easier to let my parents sort out these matters

Where's your husband going to live? If still on the mortgage you are both tied together financially and if you default on the mortgage his credit record is affected. Also if he ever wants to buy another house he'll want his name off this one otherwise it will be treated as a 2nd home for stamp duty.

My partner did this and its a bloody mess, 9 years later still on mortgage, no divorce coming soon. Ex was happy but realising this will not last forever as youngest 18, so starting to worry. Would not recommend this one bit. It's like a sticky plaster just rip it off, doing that way just prolongs things and neither party moves on fully

Avoid.

My partner had a court order Mesher order for 5 years.

In that time he couldn’t get his equity, or another mortgage.

As mortgage rates have risen his EW has struggled to pay the mortgage and she can’t afford to up keep the property.

The house has to be sold next year. She can’t afford to buy him out, can’t afford to take on the mortgage.

When the house is sold your EH will get his share based on the sale value, not the value now. So you’re paying the mortgage but he will gain (and rightly so as his money has been tied up).

Mesher orders only prolong the inevitable. Better that you face into this now.

Thanks so much for the replies. I guess I just worry as even with the equity I would gain from selling the house and splitting it with my husband (I am currently thinking of splitting from him), I wouldn't be able to buy on my own. Rental properties are also more expensive than my current mortgage. It's a mess :(

House prices are falling at the moment so equity will shrink. Mortgage rates have been historically low for years now.