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Secured loan
james9newc
Posts: 2 Newbie
in Loans
Hi everyone. My wife and I have paid our mortgage off and own our home. We are planning to separate and she will remain in the house and we have no intention of selling it. I am looking to take a secured loan out against the house, now while I understand she will have to agree to this as the deeds are in both names, my question is - does she have to be named on the secured loan?
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Comments
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Yes it will have to be in both names, a new mortgage is likely to be cheaper if thats an option"You've been reading SOS when it's just your clock reading 5:05 "0
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The problem is I want to buy a holiday lodge and I can’t get a mortgage on that.0
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I meant a mortgage on the jointly owned property."You've been reading SOS when it's just your clock reading 5:05 "0
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I have to ask this question - Why on earth would your soon to be ex wife agree to such an agreement.
Even the worst of the worst solicitor would advise her against this.0 -
Are you buying a holiday lodge intending to live in it?
If so are you aware of all the pitfalls?0 -
Have you given any thought to capital gains tax whenever the house is eventually sold given the fact that you no longer will be living in it.james9newc said:Hi everyone. My wife and I have paid our mortgage off and own our home. We are planning to separate and she will remain in the house and we have no intention of selling it. I am looking to take a secured loan out against the house, now while I understand she will have to agree to this as the deeds are in both names, my question is - does she have to be named on the secured loan?0
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