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Response to WILL MY HUSBANDS HOUSE BE USED TO PAY THE DEBT

from Andy Turner (andy.turner@ramesys.com)
Notwithstanding the above, the area for concern, and I would urge you to talk to the CAB, is that by not giving details of your partners income etc, the building society will try to take a larger percentage of your income towards the debt than they would otherwise. They will try to justify this on the basis that you are using your income to contribute towards the household(and to building up an asset (the house)) rather than to repay monies owed to them. They'll argue that despite you not being a signatee to the mortgage on the house, you would benefit substantially if that asset was realised (for example if you were to get divorced).

You certainly can't be forced to sell the new property to release the funds to repay them (it's not yours to sell, or therefore to be ordered to sell), but you may get hit with high repayments.

(posted 8430 days ago)

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