Thinking Of Letting - Advice Please

That's not quite what it means. It means the bank can pursue both (or all, in the case of more than two) debtors jointly or singly, whichever is easiest or cheapest for the bank.

Yes, this means they could go after one, who would then go after the other for (what they agreed was) their appropriate share, but the point here is that if *you* turn out to be penniless at the critical time (and bearing in mind the circumstances which would lead the bank to taking action at all, this is hardly unlikely), then they could go after her instead (who might have done well for herself).

Her problem would then be (it having been agreed between you that the mortgage is really your sole responsibility) that she would find it at least as difficult, if not more so, than the bank did, to try to get the dosh back off you (given that you would be impoverished).

So the conclusion is that she would be daft to agree to stay on the mortgage, and you would be daft to agree to let her stay on the title. So get it sorted or woo her back!

I was planning on sorting it out properly when I either move or remortgage in a couple of years. I was also going to get an arrangement written up between us that says that the place is mine and she has no claim to it.

So. In a nutshell, and I know you can't really tell what the future holds - so long as I keep up my payments, this is unlikely to turn into a problem?

W

And we will see you writing again in a few years asking how it is your ex-gf can have half the house you've been paying for when she's put nothing in.

Get out of the mess you are in.

The future holds this: potential for enormous disaster.

Depending on the terms of your mortgage, it might be worth shopping around and seeing what other deals are available elsewhere. I'm not sure you'd get

5%, but you might be better than the BTL rate they're offering. Obviously the new bank's remortgage charges would still apply, so consider those too.

Theo

Wouldn't I need to pay the shedloads of early repayment charge as I'm so close to the start of my mortgage?

Quite possibly... it's difficult to say without knowing the terms of your mortgage. I don't know what the likely period is before you're allowed to remortgage.

Theo

A friend with a current account mortgage split up from his wife a while back - he didn't take up my suggestion that he should max it out and buy gilts with the proceeds in case /she/ did something else...

rgds, Alan