Will bank split the mortgage shortfall where joint owners have split up?

G

guest8

Registered User
Messages
11
Hi Everyone

I am just wondering has anyone had any experience like this...

I have split from my husband over a yr ago. House has been sold and there is approx 60k negative equity. The bank are offering a loan over 10yrs for the shortfall, however, they will not give it 50/50 it must be a joint loan. I do not want the loan as I have my half, is there any way to force the bank to seperate the loan, obviously I dont want to be attached to my ex for ten yrs!!!
 
The Bank are in no real position to insist on a joint loan. Yes, they can threaten & have the option of taking you both to Court. You are jointly liable on the debt. If I were you I would hold tough on this issue until the new insolvency legislation is clarified. If you have a good income surplus and the capacity to pay a higher amount, this may not be an option for you.
If you are satisfied that you have the capacity to take on a 30K loan over 10 years write to the Bank and advise them that this is your final offer on the issue. make sure that they don't penalise you on the interest rate also.
 
Hi

thanks for the reply

Essentially, I do not need the loan from them, my ex is prepared to sign up to the loan for his half but they seem unreasonable that they will not split it. I am willing to clear my half immediately but they will not accept this.
 
Sounds nuts to me. I am in the business & if I had that offer I'd take it straight off, based on the circumstances you have disclosed. If it was me I would go to a solicitor/accountant and have them put in a formal offer on your behalf. Insist that the funds are available for a limited period and ideally plant the seed that it is their best interest to accept this. Unless they have information that you are a very good credit risk they should accept this!
 
It is completely nuts, I am just waiting on them to come back again so hopefully they will have a better reply this time!!! Cos tyhe last thing I want is the buyer to pull out
 
Put all of this in writing, including the possibiity of the buyer pulling out & the potential for this whole deal to go belly up. Copy the letter to the Bank's customer complaints dept. If this doesn't produce a quick response, then get your solicitor to contact them.
 
Thanks for all your advice. The bank have finally gotten back to me and have agreed to split it :)
 
You must log in or register to reply here.
Back
Top