WWYD? Request to loan in-laws money

Pollycat

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https://forums.moneysavingexpert.com/discussion/comment/82025434#Comment_82025434

I doubt he'll listen.

He's gone behind your back.

I did say up-thread:

"I wish you luck.

I think you might need it".

I think you'll definitely need it.

I'm not pinning anything on you.

It just sounds to me that your husband will do whatever it takes to help his parents, disregarding what you and your child need.

Sea_Shell

https://forums.moneysavingexpert.com/discussion/comment/82025587#Comment_82025587

Sorry to hear that things have escalated.

This isn't such a daft idea. Assuming the money is easy to replace, in due course (and you can afford the interest on the larger balance, if not offset elsewhere)

You'll be saving him from a stupid decision, and protecting your family.

If this was a "scam" he was being lured into, you'd want to step in.

beanielou

Not a good turn of events for you.

doodling

Hi,

https://forums.moneysavingexpert.com/discussion/comment/82025561#Comment_82025561

Is that really true, or will whoever does it need to confirm that the other borrower agrees to the borrowing? Incorrectly confirming that would be fraud.

In the case of a joint mortgage it is likely that there will be a means of unilaterally informing the lender that separate consent from all joint borrowers is required for further borrowing. It may also be possible to instruct the lender to withdraw the possibility of re-drawing the repaid borrowing although that might affect your future plans.

Any lender which lends money jointly against the express wishes of one of the joint borrowers is setting themselves up for a very difficult time so there will be a way of stopping the use of mortgage draw down if you choose. Of course, that doesn't stop DH using any other joint assets you might have.

IWasHereBefote

We literally have the ability to instantly withdraw funds from the mortgage into one of our linked bank accounts with zero notice on the app. We have done it a number of times to cover deposits etc while we wait for other monies to come through from ISAs etc. Either of us can do it and there is no clearance or permission required from the other or the lender.

MattMattMattUK

For most people this is borderline divorce territory.

doodling

Hi,

https://forums.moneysavingexpert.com/discussion/comment/82026328#Comment_82026328

Talk to the lender. I would expect that (a) by making the withdrawal the person doing so is stating that they are doing it with the agreement of both borrowers (not that that is much an impediment to someone willing to be dishonest); and (b) that what is possible in the app can be changed by a telephone call to the lender.

If the lender is notified that one of the joint borrowers doesn't agree to further joint borrowing then they would be foolish to advance any further monies as could leave them in a bit of a pickle when it comes to working out who to chase to get it back.

Only a divorce will prevent DH from affecting your personal wealth as all assets are joint until that point but you can certainly stop him from doing further joint borrowing.

IWasHereBefote

I want to retain the access to additional borrowing. No statement is needed in relation to taking money from the mortgage on the app, it’s literally like transferring money between any other internal accounts.

I have reminded him this morning of the requirement for me to get permission from my employer for significant financial transactions though, and the random credit checks which resulted in a phone call to his parents (which I didn’t overhear). Maybe the brakes are finally being applied.

Pollycat

https://forums.moneysavingexpert.com/discussion/comment/82026454#Comment_82026454

Didn't he share the details of that conversation with you?

It really sounds to me like he is treating you with utter disrespect by going behind your back and promising his parents 'his contribution' to help them get out of the mess of their own making and then calling his parents without talking it through with you first and not sharing what was said.

https://forums.moneysavingexpert.com/discussion/comment/82026397#Comment_82026397

It would be for me.

We have absolute transparency in our financial affairs and I simply can't imagine my husband putting me in a situation like this.

Humdinger1

Yes, high-handed contempt is how I'd describe this. If you talked to a divorce lawyer, you're not committed to going ahead. It would be good to know what view a court would likely take though? Love Humdinger