About to buy a new house, and in doing so can release equity from my old house.
DP is about £20k in debt. I have about £20k I could release in this house move without needing it to go towards a new property.
The property needs a ton of work done.
DP and I each earn about £45k.
We are not married, but have two young children together. House will be owned / mortgaged in just my name.
He has run up excessive debt before, entered into an IVA, and now has run up debt again - although I can see how this time it could at least partly have been to try to support our family, while I've been on maternity leave etc.
A significant proportion (more than half) of his monthly earnings are currently servicing debt.
AIBU to use the equity release to undertake the home improvements needed to the property?
Or should I use it to pay off DP's debt, in order that we can start fresh on a solid footing, and both put money away each month to save up for home improvements.
Relationship isn't in a great place, however we are unlikely to break up due to young children - we are both keen to put the work in to try to make things work.