What happens if you have a joint mortgage and split up?
If you have a joint mortgage with a partner, each person owns an equal share of the property. This means that if you split up, you each have the right to remain living there. It also means you’re equally responsible for the mortgage repayments.
Can you walk away from a mortgage UK?
FAQs: Walking away from a joint mortgage
Yes, you can walk away from a joint mortgage but you will need to be allowed to do so by the mortgage lender. The mortgage lender will only let you walk away if the party or parties left or added on the joint mortgage can afford the mortgage.
How can I legally get out of my mortgage?
7 Ways To Get Out Of Your Mortgage
- Sell Your House. One of the best and fastest ways to get out of a mortgage is to sell the property and use the proceeds to pay off the loan. …
- Turn Over Ownership to Your Lender. …
- Let the Lender Seek Foreclosure. …
- Seek a Short Sale. …
- Rent Out Your Home. …
- Ask for a Loan Modification. …
- Just Walk Away.
Can I give my house back to the bank UK?
Even if you leave the property and give the keys back to the lender, you’ll still be responsible for all the costs until the property is sold. These costs might include mortgage payments and buildings insurance. You only stop being responsible for these costs when the lender sells the property.