Another loan or overdraft for 9 months?

[KyleLilYachty]

Going to have to be brief so apologies. Just moved house, bought in only DH name and needed far more renovation than expected or than we could afford. Took out 10k loan. All fine. Started more renovation this month and worked out that one of us will be in overdraft for 9 months, or two of us for less time than this. DH wants to get another loan, I think we should just carry on and pay of overdraft over the next few months and let that be that. Any advice greatly appreciated

Also to add we are in the process of adding my name to the mortgage but he says this will have to stop to save money

It totally depends on your ability to secure more credit, the interest rates on the overdraft & loan and your commitment to paying it off.

It seems unnecessary to take out another loan. First was in DH name, the second would be in mine

Not wishing to be alarmist but this seems a bit odd.

If you've just moved house surely you're in some kind of fixed term for your mortgage rate?

How could you be added to the mortgage now?

Carried the previous mortgage over to this house. Only ever been in DH name as he bought before we met.

If you took out a loan for 9 months or a year it will be paid. Paying back overdraft requires more discipline.

Overdraft fees can be steep too.

If you will pay it back as planned and low fees overdraft is more straightforward, if not loan may be better.

Overdraft will definitely be paid back as planned, it's all worked out up to april, DH says that we should just get the loan but I'm not keen

Which is worse for your credit score?

I'm sure you don't want to disclose your financial situation on here but before deciding what to do I'd take a long hard look at your relationship as, on the face of it, this looks a bit weird.

You have no claim on the house as it's in his name and he wants to put off adding your name to the deeds in favour of you taking out a loan to cover a shortfall you could repay in a matter of months.

I might be way off the mark here but that rings alarm bells to me.

I agree it's weird, I have been pushing adding my name to the mortgage as I've no claim on the house and no security. He is the main breadwinner and I've a part time job. I don't want a loan in my name when we can pay off the overdraft within months. He says I'm stupid and immature and an idiot and it's my fault we're in this mess. (It's not: a bit of extra work needed doing on the house and cost more than we expected. He says i demanded this work doing. I didn't)

If that's the case do not take out a loan in your name whatever happens.

If my husband told me I was stupid, immature and an idiot I'd be off. Who the fuck does he think he is talking to? You are his partner not a naughty dog.

At the risk of being a drama queen, it does sound very much like you are being financially abused.

Leave it as an overdraft and see how it goes.

He says 'we have to struggle financially because of what [i] want' which is because I don't want the loan.

Your DH sounds an abusive prick and you would be naive to take out debt in your name to add value to a house you don't have your name on.

Thank you, didn't think of it like that