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Mortgage renewal of joint property

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  • Mortgage renewal of joint property

    Hi ladies and gentlemen,

    Iím separated and I jointly own a property with my ex. The mortgage is up for renewal. We donít have a SA agreement yet. Are these any legal ramifications for renewing a mortgage with an ex so you are not going to have to pay for a higher interest rate? Any clauses that you have to let your banker know.

    Iím assuming the property will be divided in the near future.

  • #2
    Despite the lower rate you may not want to do this if the mortgage will soon be broken and a penalty fee applies.

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    • #3
      is one person going to buy the other one out?

      what are the terms your bank is offering you? Open or closed mortgage?

      I know when i bought my ex out, I went to the bank twice to find out how much of a penalty to pay out the mortgage so I could get one in just my name. In the space of about 4 months the difference was about 1500. We had a closed mortgage that that about 6 months left on the term.

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      • #4
        I was in a similar situation, awaiting final orders and ex refused to renew as I was buying her out. I had to bring a motion to force my ex to renew mortgage as the interest jumped so high. Because we were still a few months away from finalizing, the best option for me was a 5 year variable so payments were low and the penalty was still a lot less than I would've paid.

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