I presume that you mean Tax Relief on the Mortgage Interest, rather than Mortgage Interest Supplement which is Social Welfare payment made to unemployed people?Amount of Mortgage Interest Supplement received: 160 per month but near the end - bought first house in 2006
they have asked him to come back to them in 6 months with more savings. My ex has decided to pay reduced maintenance only and save for the 6 months and go back to the bank to buy it - I know they will not allow this.
I was only paying interest mainly (1000 pm) through an agreement but following a long term option offered under the MARP (Extension of mortgage term totalling 1217 pm) the bank chased me ONLY for the money and when I appealed throught the FO for a deal which was for BOTH of us I was told they had every right to chase only me. If I only pay my side of the mortgage I am blacklisting my own name am I not? This is my loan also and I can't 'not' pay my share. QUOTE]
Arches, I think you are trying very hard to be a good law-abiding citizen and it's not serving your longterm interests. Of course you don't have to do what the Financial Ombudsman or bank tells you to do! You absolutely do not have to pay your mortgage just because the FO pointed out that you are jointly and severally liable for the mortgage. That's a well known fact, it didn't stop your ex from not paying did it?! So two can play that game. There are thousands of people in this country at the moment that should be paying their mortgages but they're not paying anything or they're paying what they can afford, to try and force things to a head.
Yes you will affect your credit rating if you let the mortgage go into arrears, but really at this stage, so what? Is your credit rating really all that important that it's worth paying down your ex's debts for?
Reading back through your thread, I think it's a pity you didn't let your ex move into the house and rent out rooms as he had proposed to do. You said the bank ''wouldn't allow' ye to do this, but as Brendan pointed out, the bank cannot prevent ye from doing this. Is there any possibility of getting that idea back on the table? Then the house and mortgage would become your ex's problem not yours. You could rent, and stop contributing to the mortgage altogether, let your ex sort it out.
Failing that I suggest you ask your ex if he's willing to agree to sell the house. You have a few things going for you - your house is in Dublin and your negative equity is not that bad (and getting smaller as house prices rise). The fact it's in Dublin and is presumably a decent family home means the bank are likely to agree to the sale. Once it's sold, the outsanding neg eq of 80k or whatever could be converted into a long-term loan over 20 or 30 years, making it quite affordable as a monthly loan. I know you said you don't want to get caught for your ex's half of this negative equity, but don't you see by signing up for this 1217pm you're paying off his half of the negative equity anyway! Whatsmore you're paying a whopping load of extra interest to the bank as well due to the restructure of the loan. And all that for him to own half your house in 20/30 years time! A house jointly owned with an ex, is a house not worth having in my opinion.
Rent in the area you want is 1300 and this restructured mortgage is 1215, that's not that much of a difference.
If you sell and your ex refuses to pay his half of the negative equity outstanding loan, can't you take him to the cleaners in court for maintenance?
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