Separated H looking at getting a mortgage on a flat - am I affected?

[Shouldhavedonesomethingbefore]

He’s been in AirBnBs so far so that definitely can’t continue. Today he’s said he’s looking at getting an interest only mortgage on a place. On the one hand it’s good he’s accepting it’s a long term thing. But while we’re still married, is there any impact on me if he gets another mortgage? Presumably it would be a marital asset - but would I be liable if I wasn’t on the mortgage?

(I will Google - but I thought this was a good place to ask).

The biggest concern would be capital gains tax possibly if he owns two properties … and he might get caught in second home stamp duty

i thinm there are certain time llimits to be unaffected within boundaries of a divorce

a d while you’re not divorced with clean break to sever finances it could all get muddied.

you wouldn’t be liable for mortgage payments but the flat could still be deemed part of marital
pt - either as asset or debt.

what’s happening to the fmh ? That’s the bit that needs resolving

He’s thinking about not throwing away money on rent, which makes some sense. But we haven’t talked about selling the FMH - so he would be stumping up for two mortgages. DCs are teens so ideally we wouldn’t sell for a few years (he’s thinking of keeping it on even longer).

But if it’s interest only it’s pretty much like renting - you’re renting on capital
appreciation if you’re not investing in another pot to pay off the capital.

plus with buying /selling costs/stamp duty etc it’s costly. Renting is ok especially if short term

you need to agree the fmh imo - eg if he’s not living there he shouldn’t be paying the mortgage. You could sort your finances out and consent order and he could agree to defer his share but be taken off the mortgage etc.

have you even started discussing and agreeing a financial settlement %

And yes the flat is v likely to be considered a marital property when you do come to divorce and sort finances even though you’re not on the mortgage - they’ll look at all items held in either sole names or joint names. Flat could depreciate etc too and that could also impact splitting of fmh. Either if you could be made redundant.