Borrowing against partner’s property?

london1973

have googled extensively on this and there is very little on it but it must be ‘a thing’ surely? 

is it possible to use a partners property to guarantee a loan? We live together and the house is in her name, she is not interested in taking on additional debt herself (and lending it to me) so this would be the alternative- i.e some form of guarantor loan i guess, of course it ultimately boils down to the same thing if it all fails but its for debt consolidation for me (just a bit more needed than i can get unsecured) and actually will be cheaper for
me to service it this way, so relatively less risky - (we are married in all but name)

The guarantor loan options on line all look a bit ‘sub-prime’ and very expensive, as well offering low maximum amounts… 

MorningcoffeeIV

You can't borrow against something you don't own.  It couldn't possibly be a 'thing'.

At best, she would need to be a guarantor for you, but it's not to be recommended. 

If you're looking at debt consolidation, don't. Go to the DFW boards instead.

london1973

i don’t see why someone putting up collateral to allow an associate to borrow money sounds so preposterous, as you seem to infer

it happens all the time in the business world, personal debt security being provided by a 3rd party, so while you are probably right, it probably isn’t a thing, its not as ludicrous as you make it sound

sourcrates

If you pop over to the debt free wannabe board, we can advise you on how to deal with your debts without the need for further borrowing, which incidentally is never a good way to deal with your debts in the first place.

Come on over and we can point you in the right direction.

[Deleted User]

....how could the situation be resolved if the relationship broke down though  .... your partner would have all the debt to repay and you could be far away somewhere.

london1973

well that’s taking things in a new direction 😂😂

Edi81

london1973 said:

well that’s taking things in a new direction 😂😂

But relationship breakdowns are a fact of life and one that needs to be considered. If your partner doesn’t want to remortgage their property that is their choice to
make. 

As others have said consolidation is rarely a good way out and heading to the debt free board is your best idea. 

MalMonroe

london1973 said:

*well that’s taking things in a new direction 😂😂

*Stranger things have happened. For example I never dreamed my marriage would implode and yet here we are. I'm a divorced single parent.

If you will just have a look at something you wrote in your OP "she is not interested in taking on additional debt herself (and lending it to me)" - that message is loud and clear. Your partner is not interested in getting involved in any loan. With or without you.

You also say "(we are married in all but name)" - which is probably for the best since your partner really doesn't want to be involved in any debts.

If you are serious about wanting some help, then you could do worse than consult the debt free wannabe board, as has been suggested. There are many forumites on here, including me, who have experienced debt so you don't have to. 

I wish you all the best.

dil1976

Does your partner even know you want to do this?

enthusiasticsaver

Debt consolidation is never a good idea.  You cannot secure a loan against a property you do not own.  Is your partner even willing to be a guarantor?  As others have said relationships can break down, you aren't married and should you decide to walk away from the debt they would chase her.  If I were her I would not do it. 

It will be expensive because guarantor loans are for people who want to borrow large amounts of money but have no assets to put up as security. 

MovingForwards

After going through bankruptcy, you must know consolidation doesn't work and possibly explains why you OH doesn't want her / her property involved.

Head over to the DFW board, put up your SOA and let the members see where changes can be made to deal with the debt.

And yes, it is possible for people to split up after long relationships as many of us can confirm, even when we least expected it.