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Mortgage payments

  • jane61
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18 Aug 12 #350352 by jane61
Topic started by jane61
Hi can anyone out there let me know if STBX can change our joint mortgage from repayment to interest only without my permission. Had a letter from building society to day, first I had heard of it?

  • leanng
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18 Aug 12 #350353 by leanng
Reply from leanng
you need to talk to the bank or building society directly to find out. some will allow one party to change from one thing to another ... some won''t

  • SilverFir
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18 Aug 12 #350376 by SilverFir
Reply from SilverFir
My Ex managed to do the same thing.

He spent a year trying to re-mortgage on his own to buy me out of the joint mortgage, and I remember signing a document (some kind of transfer deed) for the mortgage company that I was happy for that to happen. Then he changed his mind and the house went on the market.

Another year went by, and I had reason to ask the mortgage company for copies of the annual statement (which had been sent to the FMH so he had them). I noticed that at the point where he stopped trying to re-mortgage, the terms got switched from repayment (capital + interest) to interest only.

I hadn''t given my consent to that, although I could understand why (so the equity level remained the same). I''d have thought the mortgage company needed both signatures. I did question it with the mortgage company, and they said "they couldn''t find the documentation relating to the change".

I decided not to pursue it further (I''m sure I could have complained if I wanted) but will make sure that it is taken into account when we eventually (eventually!!!) get to financial settlement.

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