Response to GUARANTOR FOR BRITANNIA BUILDING SOCIETY MORTGAGE

My understanding is that you can't be removed; once you agree to act as guarantor you agree to all the liabilities that go with it. Even if your ex-wife agreed to sign the forms, the Building Society will not agree to the transfer if there is a potential for default. As you are in court I guess you are already facing that problem. Your own home can be listed as a distrainable asset, to the extent you own it and have some equity in it against which the BBS can claim. If you own it jointly with a new partner I am not so sure of the position. The court may be seen to be derelict in it's duty of care, however,if it forced a sale of your home to satisfy the BBS, particularly if there are children in it. It may just register a lien, which is not good news for you or your credit. Sorry to sound so gloomy and I truly hope that the outcome is much better than this.

[ Previous | Next ]