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Property Adjustment order - new mortgages?

  • 06-02-2019 12:17pm
    #1
    igotissues
    Registered Users, Registered Users 2 Posts: 52 ✭✭


    If Spouse A gets to stay in the family home on foot of a Property Adjustment order for 15 years, and there is a mortgage on the home for which the 2 spouses are jointly and severly liable (until mortgage cleared/ house sold in 15 years time)- will the debt of the mortgage be "counted against" Spouse B if they go to get a new mortgage for a new house for themselves when they leave the family home?


Comments

  • #2
    ELM327
    Registered Users, Registered Users 2 Posts: 22,913 ✭✭✭✭ELM327


    Yes
    It is a mortgage they signed up for and are, as you say, jointly and separately liable for the full amount.


  • #3
    igotissues
    Registered Users, Registered Users 2 Posts: 52 ✭✭igotissues


    ok, thanks. that would limit Spouse B's borrowing capacity then quite a bit.
    I wonder then why courts make that decision at all- the spouse that leaves has to find a new house and is in the hock for a house they can't live in (and in some cases must pay court ordered (or otherwise) mortgage payments on that house).


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