If for example, I currently have 100K outstanding on a joint mortgage and purchased my ex partners share for 1.00, does this mean that I still have to pay the full amount outstanding on the mortgage of 100K? Sorry, this is a stupid question. Just want to clarify. The monthly mortgage payments are quite high for me to manage alone, do you think the mortgage company would consider changing my interest rate, I'm tied in for approx 4 years? I currently work part time hours but if I can find a full time job quickly, I would be able to manage the payments easily.
Firstly no questions are stupid, you didn't know the answer and asked the question. Of course the mortgage is still outstanding against the property and all joint mortgagors are liable for the whole amount at all times.If you are in a fixed deal you will have a redemption penalty. Your lender would want that paid off or added to any deal, however given that your partner is BK you will not get an increased offer as she still remains on the mortgage deed.It's possible if equity and income were right that you could re-mortgage in your own name. I don't think you'll have sufficient equity especially since you would be adding a redemption penalty . the best mortgage deals will only go 90% loan to value. But why not ask it costs nothing. good luck
If for example, I currently have 100K outstanding
Posted - 27 January 2009 : 13:16:26
