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Response to GUARANTOR FOR BRITANNIA BUILDING SOCIETY MORTGAGE

from pendle (pendle@amun-ra.demon.co.uk)
The sad thing is, that when couple's divorce, if the party who is keeping the house isn't eligible for a mortgage in their own right, then the mortgage lender will sometimes refuse to transfer the property into one name only, or if they do then the other still has to guarantee payments will be made. That means that when the parties divorce, they are still tied together because of the house and this usually leads to friction because the party who leaves the house will in some cases still have to pay towards the mortgage and in other cases, has problems getting a mortgage of their own because of the commitment to the other house. And of course, if the one who remains in the house ends up being repossessed, then both of them are liable.

You really must see a solicitor.

(posted 8544 days ago)

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