This seems so unfair (regarding buying a house)

[b101]

Buying a new home with DP.
I have contributed to our current home when I worked, but now have young kids and do not work. The new house mortgage is in both our names.

We are taking out 30 grand equity when we move. I have asked for this to go into my bank account. I have been told I have to have his written authorisation. Seems so unfair that if it went into his account he doesn't need my authority.

Am I wrong for feeling this way?

Was your name on the original mortgage?

Yes completely split. Only difference is for the original mortgage I put down 50 grand deposit and he put down 10. Think that's also why I feel so irritated

OP, are you saying if DH wanted to put 30k in his account, he could do so without your permissions?

I can only suggest you get a joint bank account for paying your mortgage.

It's surely for money laundering etc that the money has to be paid into the account linked to the mortgage. I don't think it's personal.

Yes it will just automatically be given to him. Even though it's ours, I'm not allowed it to go into my account unless he "authorises" it

If the mortgage is in both your names, I don’t understand.

Surely both parties must agree to the release of equity?

Whose account is the mortgage serviced by?

Are they saying it will automatically go to his account, or are they saying it'll go into the account from which the mortgage is paid? Obviously these might come out to the same thing, but the principle is quite different.

Yes I don't understand either. If your original house was jointly owned, why is authorisation needed for you to withdraw equity but he wouldn't need authorisation if he wanted to withdraw? I would have expected he would need your authorisation too.

We have both agreed we want to take the money. They know we both want it.

It will go into his bank account no problem. I don't have to authorise that. But I have asked for it to go into mine. And I can't unless he writes a written letter with a signature approving that

@HardbackWriter you have a very good point! I'm not sure about this, maybe it is just how I have interpreted it

Is his bank account the one payments currently come from? If so I can understand why that’s where the money would go without authorisation.

@JamMakingWannaBe yes I think your probably right

Ok I concede 🤣 makes sense. Thanks I will calm down now 🤣