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  1. #1
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    Default remortgage

    For a friend not me no longer property owner.
    Friend is separated from partner no chance of reconciliation they have a joint mortgage on a jointly owned property next year a fixed term low rate mortgage is ending as he will not agree to a new application and she is not earning enough to get own mortgagw.

    Question is what can happen will the lender want repossession to get there money back/

  2. #2
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    Default Re: remortgage

    Hi Wales01man,
    Not sure what you're getting at here? The mortgage co would only repossess if they don't pay their mortgage and after giving them opportunity to do so.
    The fixed rate will just end whenever it is meant to but the mortgage will carry on at the standard variable rate. They may even find it drops slightly as the fixed rates are generally set higher currently than the rates have been falling to. The mortgage will of course continue to be payable.
    Did your friend want the property sold? Were they married or co-habiting?
    It may be worth severing the tenancy so they become tenants in common rather than joint tenants. That means that they can will their share of the property to someone other than the co-owner if they so wish. It will depend how they hold the property.
    I am a qualified solicitor employed by the LegalBeagles forum to provide guidance on a wide range of legal queries. I am happy to try and assist informally, where needed.

    Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any practical advice I give is without liability. I do not represent people on the forum.

    If in doubt you should always seek professional face to face legal advice.

  3. #3
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    Default Re: remortgage

    Quote Originally Posted by wales01man View Post
    Friend is separated from partner no chance of reconciliation they have a joint mortgage on a jointly owned property next year a fixed term low rate mortgage is ending as he will not agree to a new application and she is not earning enough to get own mortgagw.

    Question is what can happen will the lender want repossession to get there money back/
    Who is currently paying the mortgage?

    If it's a joint mortgage and the borrowers can't keep up with the new payments (if they're higher after the fixed rate ends) then they'll both be jointly and severally liable for the loan regardless of who's living in the property.

    This means that if it were to be repossessed and it there were to be a shortfall after the sale/auction by the lender then your friend's partner could be chased for any money owing. I wonder if he realises that when being uncooperative.

    Do you think he's refusing to agree to an 'internal remortgage' (where the lender offers the borrower a new product) with the intention of forcing your friend into a situation where the house has to be sold to prevent repossession?

    Is there any equity in the property?

    Di
    I am a Litigation Executive at Joanna Connolly Solicitors a firm which specializes in consumer credit.

    This forum’s site rules don’t allow me to give advice by PM but if you need to contact me please email di@joannaconnollysolicitors.co.uk . Our initial advice is always free.

    Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

  4. #4
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    Default Re: remortgage

    Thanks for the replies will find out more from him and get back on

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