joint mortgage issues

[pollyp00]

My son is in a joint mortgage with a friend and has been for the past year, contract due to run out next january. however there have been numerous arguments with regards to cleaning, bill payments etc and my son wants out. is there any particular way to go about this? or is he stuck there til the 2 year term is up?

[sara3]

what's the contract? is it the current fixed term for the mortgage?

[bednobs]

he has 4 choices

1) put up with it
2) get the friends agreement to put the house/flat up for sale in order to sell and end the mortgage. Bear in mind that if there are any penalties to pay on the mortgage they will have to take this. also, the place could be in negative equity and they may not cover the mortgage if they do sell
3) if either of them can afford (in the lenders eyes) to have the whole mortgage themselves, then one of them could exit the contract and the other one take on the mortgage.
4) if they are living together at the place (your use of the example of cleaning and bills makes me think they probably are) then one of them could get a lodger and move out, or they could rent the whole place out (bear in mind, the mortgage lender will have to agree)

[bednobs]

mean to say, even at the end of the 2 years, they will still have a motgage together - just the fixed term will be over. They will have just the same choices then

[pollyp00]

thanks for the replies, i dont have any further information but the info given by bednobs was good enough. i'll relay that back. many thanks