Bridging Loan

[medsecslave]

My husband and I are splitting up. Our house is on the market and he's found a property he's really keen to buy. He's now talking about getting a bridging loan so he can go ahead with the purchase but I'm against it. He says he can do it with or without my permission. If our house is put up as security against the loan, wouldn't my signature be needed as the house is held in joint names?

[NORMANTHEDOG]

yes,he would need your signature.

[theonlyone]

Bridging loans are mega expensive ...
tell him to wait until the house is sold ..
it's now a buyers market ...don't sign
anything ..get legal advise ...and you
need both people to sign to sell your
property ...

[medsecslave]

To be honest, so long as it doesn't affect me, I don't care what he does once he's gone. I know if would be better to sell the house first but it would benefit me to have him leave the home as things are pretty tense at the moment . Another alternative is for me to buy him out on a temporary basis until our house is sold but he'd need to leave me with 30K of his equity so that I could pay the mortgage and when the house is sold, he could have his money back but pro rata if it sells for less than we anticipate. I know I'd definitely need a legal document drawn up on that one but I'm really desperate for him to go - he's a drinker and unpredictable.

[Androcles]

If he's a drinker, don't touch anything like a bridging loan with a barge pole. If he gets out of control there is no knowing where the financial situation will end. Tell him to wait till the house is sold and the divorce is final!