Husband guaranteed his friends mortgage so I want to separate.

[HoveactuallyBrighton]

Exactly what the thread title says.
Our home's at risk if his friend can't pay the mortgage.

What happens to the mortgage guarantee when we separate?

I doubt it would make any difference if you seperate.
I can understand how you feel, especially if it was done behind your back but unless there are a lot of other things going on as well are you sure its Game Over?

what a nightmare - yes, I would take my half of the value of the house right now

He's effectively gambled our home on the friend being able to meet mortgage payments.
It's gambling by another game.

Why would he do that? Just why, his put both himself, you, your home and future credit in jeopardy. You two will take all the cons and his friend just gets the pros, so what’s the friends incentive to keep on top with payments if he will incur none of the risk?

Can he get out of being the guarantor? I would absolutely separate over this. My financial/ home stability is everything to me.

I would split and leave now before it all goes tits up, otherwise your half will be going down the drain with his.

Wow, he did that behind your back? That’s really bad. How long does being a guarantor last? Is it the initial 2 year term? Hopefully your husband knows his friend is reliable and financially stable but just needed to prove it to the mortgage company.

Oh shit I think I would legally separate too
Who does this without speaking to his wife though! Is he usually so thoughtless and a risk taker?

Surely if your home/ mortgage is in both of your names he can’t do this?

A decision like that definitely needs 2 yeses. What is his reasoning (mostly curious because I'd go ballistic if my husband did that behind my back).

Is he legally allowed to do that without your consent if your name is on the deeds? What’s making you think your home is at risk for his friends mortgage? A mortgage can’t be secured on both the property that the friend bought and yours. You need to find out the details before you make decisions.

It's only in his name cos he won't put me on the Deeds cos I'm not earning enough to contribute to the mortgage.

I registered my Home Interest 10 years ago.

Does mortgage guarantor expire?
Friend said it was just till his house sold, I said what if it doesn't sell for a year?

Is your house owned as joint tenants or tenants in common?

I would hope he can’t gamble your share, but I think you need to take legal advice.

And put this on the ‘legal’ board.

How could he be guarantor whilst married and having joint financial interests with you. I don't have any skill in this area but I'd get a really good lawyer and have an initial consultation, often free, ask about financial deception as he has risked your assets without your permission or consent. Do you know he's not playing away or actually on the mortgage with friend. Sorry OP I really think you would be happier on your own or with someone you can trust.

If you’re not on the deeds then you’re not entitled to any value of the house as far as I’m aware.
You can walk away from your husband but you won’t be financially affected by this if the friend defaults on the mortgage

Speak to a solicitor ASAP. If you are married you will be entitled to a share in the property.
I would be beyond furious if my husband did this to me.
Do you know the friend? Is he a reliable sort?

You need legal advice from a solicitor

Fortunately for many married women this is incorrect.

I'm assuming it hasn't gone through yet? Because my auntie was a guarantor for me when I bought my house with a family assist mortgage 2 years ago. Everyone who lived in her house had to agree wether they were on the deeds or not, because I specifically remember my adult cousins who lived in her home had to sign the guarantor forms.

It's worse than gambling - there isn't a "win" - no profit to be made. The best possible outcome is that you aren't financially ruined but no benefit will come with that compared to what would have happened if he hadn't done this.

It may be useful to read this. I daresay it may depend who the friend's mortgage was obtained from.

https://www.nationwide.co.uk/mortgages/help/guarantor-mortgages/

(just added this bit)
^Specifically the 'The guarantor must:' and 'About Guarantors' ^

It’s the same for married men as well - works both ways (thankfully)

This isn't true. In the event of a divorce all the assets of the marriage are divided fairly regardless of which partner is the titular owner.

Acting as guarantor means your husband - as he signed the papers not you - is liable for the mortgage payment if his friend doesn't make it.

I would assume that unless that guarantor is enacted at the time of divorce - I.e. that your husband is paying his friends mortgage at the point of your financial separation and therefore it is part of his outgoing committments then it would not have any impact. But you clearly need legal advice.

I would use this as an opportunity to insist your husband transfer the house to shared ownership with you. After all I assume you have contributed to your shared life in the 10+ years which have enabled him to pay this mortgage.

She is married. Which means everything is 50% hers by default.

That's what a marriage contract is.