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Taking over husbands mortgage
1234abc
Posts: 1 Newbie
Please advice.
My husband had a interest only mortgage and debt of £30k from credit cards and loans. It's a vicious cycle for him his taking money from credit cards to keep up the payments. My worries is his going hit a brick wall and very soon the house will be at risk.
The house has no equity. Where do I stand if I buy the house from him and take over the mortgage but in my sole name?
The credit cards and loans are in his sole name.
I want to secure the roof over my and my children's head.
Thank you in advance for reading and for any advice you give.
My husband had a interest only mortgage and debt of £30k from credit cards and loans. It's a vicious cycle for him his taking money from credit cards to keep up the payments. My worries is his going hit a brick wall and very soon the house will be at risk.
The house has no equity. Where do I stand if I buy the house from him and take over the mortgage but in my sole name?
The credit cards and loans are in his sole name.
I want to secure the roof over my and my children's head.
Thank you in advance for reading and for any advice you give.
0
Comments
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You can't 'take over the mortgage', you'd have to buy the house from him. Can you afford to get a mortgage for this?0
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Unless you have a deposit saved up you won't get a mortgage.
If you have then you could probably help in some was.
The debtfreewanabe board is the place toask for help and explore options.0 -
Why not just pay towards the mortgage as it is?
Or do a Transfer of Equity putting both of you on the house/mortgage (needs to be done with the consent of the lender). Is there a reason why only one of you can own the property?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Are you separated and he lives elsewhere ?0
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Gifting his share of the equity to you is rather blatant and can be overturned.0
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Thrugelmir wrote: »Gifting his share of the equity to you is rather blatant and can be overturned.
Doesn't sound like there's any to be gifted.0 -
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