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Read our latest Financial Settlements guide (2021) 

What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.

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Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.

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  11. Changing mortgage payments

Changing mortgage payments

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20 Sep 12 #356950 by pgh
Topic started by pgh
Hi I have a mortgage in joint names and I have overpaid substantially on it by over £30k - so I am well in credit with the building society.
My question is this can I reduce the mortgage payments (as this divorce is dragging on) but still pay enough to cover the interest + a little extra? Do I have to inform the stbx of this decision? It won''t disadvantage either of us in any way because as I say I have already overpaid on the mortgage to bring it down (and I would still cover the interest plus a little bit more - so technically I am still repaying). Its just with the solicitor bills I could do with some more cash.
Are there any legal implications to his that anyone can see?

Any thoughts?

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20 Sep 12 #356960 by WYSPECIAL
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You''ll probably find that your lender will want the signatures of both parties before they''ll action it.

Wouldn''t mind doing the same myself though so if someone else can say otherwise I''ll be most interested.

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20 Sep 12 #356996 by pgh
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Whem I increased payments I didn''t need any signatures - should it not be the same the other way round?

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20 Sep 12 #357001 by WYSPECIAL
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Be handy if it was.

Did you have to apply to increase them or was it allowed in the t&c?

A lot of mortgages allow overpayments.

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26 Sep 12 #357942 by pgh
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It was in the T+c - I have now reduced payments by half - which means I am still repaying plus interes but not a much.

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  1. Advice
  3. Financial
  5. Advice-Forum
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  9. Property and Mortgages
  11. Changing mortgage payments

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