We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Taking over husbands mortgage
Options
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
-
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
-
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
-
Gifting his share of the equity to you is rather blatant and can be overturned.0
-
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 -
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards