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Original poster

Joint mortgage- can one party change fixed rate deal?

15 replies

FMFL · 09/09/2019 11:39

I’m currently in a joint mortgage with my exP. I pay the entire mortgage; he contributes nothing. I’m on a variable rate and he’s refusing to allow me to apply for a fixed rate as he wants me and small dd to sell up and get out. Am I allowed to apply for a fixed rate deal by myself or do I need his permission/signature? To clarify, this has been going on for years; I cannot afford to buy him out and not enough equity to sell and start again. I’m managing the mortgage just about at present. Advice would be fab, thank you.

OP posts:
SlightlySleepy · 09/09/2019 11:43

When I did it, I just verbally confirmed that I had his permission, but if it's with a different bank they'll do the whole affordability calculator again, so you'll need all the details of his income and proof, which I doubt he'll give you.

Don't forget that while you're paying the mortgage alone, he's still entitled to half, so effectively you're giving him a lot of money each month. I can't see how, financially, this will benefit you in the long term. I'd really reconsider selling.

Original poster
FMFL · 09/09/2019 11:48

I was going to stick with same bank and do it online...if I can get away with it. I will definitely be selling up, but at the moment I have zero savings and this extra £200 a month would give me a bit of a buffer for any emergencies.

OP posts:
ChicCroissant · 09/09/2019 11:50

There would be an early redemption fee for a fixed-rate mortgage if you sold before the end of the fixed-term period, so if he wants you to sell the house I can see why he's not keen on the fixed-rate option tbh.

How soon are you planning to sell?

Original poster
FMFL · 09/09/2019 11:51

I’d also be really interested to know if I could get into any legal trouble if I did this? Would I be better to call the bank and explain the situation and see if they could arrange something?

OP posts:
Original poster
FMFL · 09/09/2019 11:53

@ChicCroissant I don’t think he’s even thinking of that; he’s just cruel. I’ve explained to him the concept of joint liability and that if I default on payments they’ll expect him to pay...he doesn’t seem to understand that so I very much doubt he’s even considered penalties.

OP posts:
Original poster
FMFL · 09/09/2019 13:26

Would I be guilty of fraud if I did apply online ? I really do need this extra money...he just won’t agree, won’t even consider it. Or could the bank realistically do anything to lower the interest rate given I may struggle to pay soon? Selling in the near future honestly isn’t an option.

OP posts:
SlightlySleepy · 09/09/2019 22:15

Could you rent out a spare room? Airbnb spare rooms? Parking space? Garage space? Since you're paying his share of the house, you could try to get it to fund you a little.

BobTheFishermansWife · 09/09/2019 22:18

I know it doesn't solve any issues in the v long run but could you take a mortgage holiday? I believe you can take upto a year and it'll give you some time to increase your savings?

imnotinthemood · 09/09/2019 22:26

No you will need both signatures so unable to do it . Don't even think about signing for him that's fraud .

cinderfrickingrella · 10/09/2019 06:20

I changed my mortgage online, didn't have to sign anything. Not sure how it would work for a joint mortgage. I think it would ask you to tick a box saying both parties agreed. Not sure on the repercussions of that. Would he ever find out though?

SlightlySleepy · 10/09/2019 06:33

If he's awful and vindictive, then if he ever did find out, then there's a chance he'd report you. You'd be taking a big risk.

SushiGo · 10/09/2019 06:39

When I changed my mortgage online, DH had to sign a letter that said he agreed.

Also, not a lawyer, but he could make a solid case it is fraud imo.

I agree that you are giving him an enormous amount of money. What would the situation be exactly if you sold up? If its just you and DD Could you rent somewhere very small eg one bed flat to keep the rent down while you save up for a deposit on a home?

AllTheUserNamesAreTaken · 10/09/2019 06:41

If you deliberately answer a question falsely on a mortgage application then it would be fraud. If he finds out he may complain to mortgage company/report to police to spite you

NotStayingIn · 10/09/2019 20:42

I would sell and get out. You are fighting a losing battle here. Any changes you make to the mortgage without his consent will come back to haunt you. So you are left paying the whole mortgage at a high rate, whilst he benefits a little bit more with every payment you make. AND he gets the continuing pleasure of screwing your over and you begging for changes. Nope!

Danmor · 14/09/2019 17:53

I'm afraid you can't do this. You are both jointly and severally liable for the mortgage and thus consent must be given by both parties. It may be possible that your lender has a new deal without redemption penalties, which you could migrate to without it affecting your ability to sell the house if you do take this decision. A fixed rate (that you mention) would likely have heavy redemption penalties attached. However, in all cases all parties to the mortgage must consent

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