If you sell your home and break the mortgage you will most likely going to pay a penalty which might be a percentage of the left amount of mortgage or 3 month mortgage payments. It is all depends on your mortgage condition and you can call the bank to verify what it is.

Penalties vary between different lenders but I think its 3 month of mortgage payments to break a mortgage in most cases. You should ask your bank how much is the penalty to break the mortgage sooner.

Hello Kathe, if your name is on the mortgage agreement as a borrower or co-borrower you are liable for the payments of that mortgage. In the end if the mortgage payments are not met then the home will be siezed by the bank, sold and the mortgage paid out at that time. The bank can also sue if there is a shortfall from the sale so they can go after the names on the mortgage agreement for their money. You mentioned partner, I am not sure if being married and the home being a matrimonial home will obligate you in any way if your name is not on the mortgage agreement. That is something you should discuss with a lawyer. I hope this helps. If anybody has any mortgage related questions please do not hesitate to contact me at any time! Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.