joint mortgage & property in divorce

[AndyPandy088]

Hi Everyone, I'm new here and I have a query regarding my divorce and the joint property,

I've been divorced since early this year and I have a question regarding the house/mortgage situation.
Myself & ex bought the house with a joint mortgage on a 5-year fixed rate which is due to expire at the end of October 2022, however I know that in the final year of the fixed rate term it is possible to exit the mortgage with much lower exit fees than normal. My question is regarding the wording of the financial order as below:-

"The applicant agrees to and undertakes to the Court and the respondent to continue to meet the regularly monthly mortgage payments and to procure the release of the respondent from the aforementioned mortgage as soon as he is able to and following the expiration of the penalty period under the terms of the mortgage being 31.10.2022 and to indemnify the respondent of any liability under the terms of the mortgage. "

Would the date mentioned in the financial order matter, or would I be able to exit the mortgage early?

[echat11]

Hi Andypandy088

des8 MIKE770 Can you please advise.

[des8]

Assuming you are the applicant and the mortgage has an early repayment penalty charge IMO there should be no problem if you redeem, the mortgage early and discharge the penalty yourself without passing it on to the respondent.

If unsure check with your solicitor

[AndyPandy088]

Assuming you are the applicant and the mortgage has an early repayment penalty charge IMO there should be no problem if you redeem, the mortgage early and discharge the penalty yourself without passing it on to the respondent.

If unsure check with your solicitor

Many thanks for the reply. Yes I am the applicant and if I did redeem the mortgage early I would pay the penalty charges myself. Having spoken to my building society about this I know that the penalty charge in the final year of the fixed rate is a lot lower than normal.