MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Our friends have split up. He has moved out and is renting a flat.
They have 2 kids and he refuses to contribute in any way. It's going to court.
In the meantime their fixed mortgage has ended and its now on a variable.
It's gone from £1200 a month to over £4000. This is obviously draining her funds pretty quickly.
She reckons that she can't do another fixed rate without his consent. Is this correct? Anyone have a cunning plan?
First thought is use the current conditions to get a mortgage holiday for 3 months. That at least buys some time.
I’d then be having a chat with the lender and seeing what can be done. Lenders will generally help in these circumstances as they know the higher amount isn’t sustainable.
Four grand? Where do they live, Balmoral? Talk to a mortgage advisor / IFA.
Eh, £1200 to £4000!! Was that 1200 each and now she is paying his 1200 too. Even at 2400 the jump to 4000 must be a rate increase of something stupid like 15%. This doesn’t sound right or answer you actual question sorry.
Yes it does sound silly.
I don’t know how much the mortgage is for but the house is valued at 4 million plus. He is some sort of banker so probably had some sort of clever financing going on.
If its a joint mortgage both parties will have to agree to any change.
If its a joint mortgage both parties will have to agree to any change.
and there lies the problem.
10yrs in and Mrs & her ex still have joint mortgage, CV stopped house sale to pay it off on Tuesday 😒
If he is a mate of yours, can't you tell him to not be such a .....?
He is some sort of banker so probably had some sort of clever financing going on.
It might be the fixed rate was due to him being a banker and the new rate is market rate. My friend who works for a bank got a fantastic rate when he got his mortgage 🙁
House worth 4mil though - wowzers.
With a £4mil house you'd think they could afford to pay to sort it out rather than asking on Singletrack no? 😂
If I was her I’d stop paying, tell him to sort a fix or they’d be defaulting and losing a load of money. What’s her poker face like?
A year ago the most expensive street in Scotland the average house was just under 2 million looking over the old course St Andrews, 4 million would get you a cracking castle, 4 lodges, a good few acres, a couple of race horses, chuck in a Ferrari
If she defaults it'll affect him too. Not a good look for a banker. In fact, that could affect his career.
He seems to have a bit of red mist.
He has stopped paying for her car and are awaiting the man with the tow truck to repossess it.
With a £4mil house you’d think they could afford to pay to sort it out rather than asking on Singletrack no?
Lawyers are obviously involved. It was all proceeding quite nicely but this evening he has decided he wants to take it to court. She is on the phone to Mrs Zip in tears , so as always ...ask STW.
I work for a bank and we are absolutely it allowed to default on loans etc. If we can't look after our own money why would we be trusted (ha!) to look after anyone else's. Obviously don't know who he works for but would be supprised if there weren't similar conditions on his employment.
You want advice? Stay out of it and tell Mrs Zip the same.
Leave to solicitors; they will fleece both.
I'd agree with the poker suggestion above.
He's got more to lose by defaulting than her.
(Apart from the fact that she may end up homeless of course) hmmmmm
If you have legally joint liabilities and one partner is not playing ball, then court is pretty much the only route but would be way cheaper to agree terms of split... defaulting won't help anyone at the end of the day but getting in touch with bank and agreeing payment holiday or interest only period would be a start - last thing you want to do is singularly pay off too much of a joint debt.