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ex borrowing additional funds on the mortgage

(4 Posts)
Eli96 Fri 10-Jan-14 13:14:06

I have a joint mortgage with my ex. He wants me to sign papers agreeing that he borrow £5,000+ on the mortgage to stop his buisness going bust, he can't borrow any more money from the banks/credit cards etc. He says if I don't agree the house will be repossessed as he will not be able to pay the mortgage this month (only £238 pcm) and the children will be homeless. He lives in the house with the children, I am currently living in temporary accommodation. Half of the house is mine. He says when we come to sell (when the youngest is 18)he'll deduct what he has borrowed from the remaining equity.
I don't have any money to see a solicitor. Who can I ask to help me get a document which is legally binding that states that the money he is borrowing is for him and his business and will be deducted from his share not mine? Any advice most welcome. Many thanks.

CogitoErgoSometimes Fri 10-Jan-14 15:19:34

Don't do it. He's holding a gun to your head by threatening the DCs with homelessness and that's unacceptable. There will be a damn good reason why regular banks aren't prepared to stump up the cash and it's because his business is going bust anyway.

If you can't afford a solicitor please seek advice from CAB. But don't give in to blackmail. That £5000 is part of your future.

CogitoErgoSometimes Fri 10-Jan-14 15:53:06

BTW.... banks are not in the habit of making people homeless because they've missed one mortgage payment.

JoinYourPlayfellows Fri 10-Jan-14 15:54:34

He's blackmailing you into lending him a lot of money that the bank doesn't think he's a good risk for.

Don't do it.

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