Another question about SMI

Louk

Hi as stated in my previous post I am separating with my husband and believe I may have a chance of being entitled to Support for mortgage interest should it be decided that me any my son are to stay in the property we both own and my husband move out. My next question would be if this were to happen could my husband still take out loans against the house? One of the many reasons we are splitting up is that he is totally irresponsible with money and has taken out loans, spent more money than we have etc without telling me. So ideally I don't want to have too many financial ties to him.

karenx

Surly the best thing to do is to buy his share of him? Then you wont need to bother about that

MrsManda

The simple answer is yes. If you are jointly named on the mortgage without any caveats either of you can apply to take out loans secured on the house as you are both entitled to the capital.

It sounds like you need to reach an agreement whereby either one of you takes over the mortgage completely so is singularly responsible or put the house up for sale and split the proceeds. Otherwise in terms of the house you are financially tied together.

Louk

I'd love to buy his share but as I only work a small ammount of hours I doubt I coupd raise the money! I'm begining to think selling may be the best option all round!

[Deleted User]

you need qualified legal advice on this,and the internet isnt the place to find it