Additional borrowing on existing mortgage ?

goldygash

My husband and I have separated. He wants to buy a property, but needs equity from our joint property as deposit. Can I borrow the additional money at my current rate (standard base rate with Nationwide), or do I have to take out a new deal for the extra ?

There is enough equity in the joint house to buy his property outright, so would that make more financial sense than 2 mortgages ?

Any help gratefully received.

Trying_to_be_good

Firstly, I wouldn't do anything before you have a financial settlement agreed for the divorce.

Secondly, you need to be able to service the existing mortgage on your own salary, if you want to move it into your name.

Thirdly, you may need to borrow any additional funds on one of their new products rather than the Iridiculously cheap) BMR.

Separating your finances is often the best solution in the long run, allowing you to both move on with your lives.

Good luck