Unknown overdraft

[Mortgageoverdraft]

I'm shaking. I'm putting papers away and realised my husband of over 25 years has a massive overdraft going back years.
I didn't question it before as it appeared regularly on our bank statements and I was looking for unusual activity.
He doesn't like it when I start talking about saving more now that our children are older.
He's spending it on something I don't know about, isn't he.
The papers say it's secured on our home. I had no idea.

Dates don't match- mortgage started 5 years before reserve.
Taken from joint account. It's horrible cos he got angry.

If you have been married for 25 years why is the house only in his name? You say you can't lose your home because of this overdraft - but you have nothing to say this is your house?

Sounds like you’ve had your head in the sand for decades! Not being named on your own mortgage is utter madness.

Doesn't matter because they're married so assets are shared.

They are married so she is entitled to 50% regardless as a starting point.

You sound very passive in your marriage.

It's all sounding very dramatic and you're making pretty big leaps.

Just ask him.

I'm suspicious cos he's always blocked financial discussions and told me to trust him.

When someone tells you to trust them, with no evidence that they have your best interests at heart, don't believe them. He sounds pretty dodgy to me.

I'll speak with him .

Yes, they divorced and she used the knowledge of it as leverage … her solicitor basically told her that she was in a very strong position.

So the devastation was the initial reaction - but she got a good outcome.

Is the property in both names? That will be more important than the name on the mortgage.

In some instances that type of overdraft is great to have for expensive car repairs, expensive home maintenance jobs, emergency trips etc.
The repayment terms are often very flexible ie as much as you want whenever you want along with paying the monthly minimum.
Dh and I have one and it’s very practical.

Having it isn’t the same as using it, and using it isn’t remotely a sign you’re going to lose your home. You need more information before leaping to “shaking”. Why aren’t you on the mortgage? That would be the issue for me!

If it's only a few thousand don't panic. You do need to sort this out and ensure youve access to all financial information moving forward.

Isn't a mortgage reserve just like the kind of mortgages like an offset? Where you have a pot available?

Like attached.

What a radical idea.