Dealing with your Joint Mortgage after a divorce can be a complicated and time consuming process and a lot depends on your mortgage contract and the attitude of your lender. In the event of divorce you should get in touch with Family Law Solicitors to determine the best possible outcome.
What does a Joint Mortgage means?
A joint mortgage means joint responsibility.And frankly speaking, your lender is least interested in your divorce,all they want is their payments regardless of who has left the property. One thing to consider here is that the person who has left the property may find it difficult to keep up with the payments as they have another home to fund or even worse they may not have a job or sufficient income to pay their share of the mortgage.
You should speak with Family Law Solicitors for guidance in these matters. Speaking to your lenders might also help as they may suggest a way to extend the mortgage term or allow a repayment holiday. You may even be allowed a reduction of interest. However, it should be remembered that payments need to be made and if they are not made both of your credit histories will be affected.
For more information you are more than welcome to get in touch with our expert Family Law Solicitors at Walker Wise Solicitors by phone on 01254 300 966 or email enquiries@walkerwise.co.uk
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