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?

Nope, not me. Is this common then?

Everyone?

I'm guessing that you don't have a child needing accommodation at university.

Bit of an informed sweeping statement.

I think you need to put it into contact.

Yes, your husband is an idiot.

Which mortgage has he guaranteed because it would be better if he guaranteed tge old house rather than the new house as at least his friend doesn't want to hand onto the old house so is mote likely to default on that mortgage if he can only afford one. If that happens, your husband can then ask the bank to sell the asset and only pursue him in the even the sale doesn't cover the debt, which it most likely will.

He csn still do same with new house l. He should only become liable in the event the net sales proceeds don't clear the debt.

How awful for you. I'd be sooo upset. Quite a betrayal, what was/is his defence?

Absolute tripe, lease don’t post these vague ‘facts’ unless I’m you actually know what you are talking about. As they are married the home is a marital asset.

DH recently had to guarantee DS's rent. Before they would accept him as a guarantor, he had to show that he earned enough to cover the rent as well as our mortgage payments.
Hopefully whoever accepted your DHs guarantee ( friend's bank?) will have carried out similar checks. In any event your registered interest in your home ranks above any subsequent charge.
Ask to see the paperwork and for whoever acted for DH ( because he should have been required to take legal advice) to explain the situation to you. I'd DH refuses to do this, then I would take it that he is not behaving with good faith and is trying hide things from you. Which is a deal breaker for you.
It would be sensible to start separation proceedings now so that any matrimonial financial arrangements are made before friend gets so far as defaulting on the loan, thus triggering the guarantee.
Also get DH to get proof from the friend every month that the loan repayments are happening.

His defence is that its his money.
Guaranteed for new house.

It's odd - according to Rightmove the old house was sold and the new one bought on the same day.
I don't think it was a bridging loan.
I think it's for the difference between the old and new properties, minus any other money borrowed or given by others.

Goodness me this is extreme, proper off the charts extreme,his entire financial future?

he’s guaranteed he will pay the 2k a month if his friend doesn’t , likely for two or 3 months till it’s sold. And the friend will have passed affordibility checks to get the loan. Yes something could happen in that short period,but really his entire financial future?

I mean that’s fair, it is his money he thinks he can afford it, the friend will have passed affordibility checks and it will be for a short period, I’m sorry op, I do not get why you’re so upset.

How do you think kids who don't have parents or don't own their own home cope

“In any event your registered interest in your home ranks above any subsequent charge.”

no, I don’t think so. Anyone can register an interest at land registry if eg they want to know if a property has been sold. OP has some rights to the assets of the marriage, but not because of the registration of interest.

Cos what if my husband gets ill or loses his job?
We could afford our mortgage for a little while but there would be the worry of his guaranteeing another mortgage with our savings/assets.

Speaking for a friend of mine, she had to ask a friend of hers to guarantee rent, because she needed to move before she received the proceeds of the FMH.

But plenty of people are fucked.

He may or may not have critical illness cover, do you know?

OP, calmly, you need to establish exactly what the arrangement is here.

How much?
For what duration?
Is it secured against your home? Doubtful because surely that would need the agreement of your own mortgage provider.
Is your DH liable for payments if friend defaults? I can't see how the friends mortgage provider has accepted that arrangement if your DH has his own mortgage.

Ask for clarity from your DH.

I suspect your financial freedom is unequal to your husband's. Are you happy about that?

It’s unclear what being guaranteed. If it’s just a bridging amount, short term, then not much of an issue.

If it’s a long term thing, then it might be.🤷‍♀️

There's a bigger problem here is you're not on the deeds because your don't contribute to the mortgage !!!

This does not sound like a great partnership.

Do you think it’s possible your DH is lying to you, trying to wind you up? Because I cannot understand how someone would do something so irrational and against his own interests, never mind yours.
more generally it sounds like he gives you no control over or even information about your joint financial affairs. Divorce and get your fair share sounds like a good plan. Solicitor on Monday OP!

In toilet.
I just asked him if guarantor agreement still valid.
He got v angry & walked out of room.
WTH is going on.

With the way he's been behaving, I'm not surprised. This isn't nothing. He trusts his friend more than you and has more hope of the friendship being a long term thing than your marriage. It's hugely insulting.

Sounds like something very odd is going on. Get some good legal advice pronto. They will be able to tell you what you can do to protect your interests

I'd divorce him just for refusing to put you on the deeds.

Speak to a solicitor.

Emotional abuse. You dared to have an opinion different from his, you stood upto him, he didn't like it.

The mature adult healthy thing would have been to listen to you and discuss it (which isn't the same thing as trying to wear you down until you give in).

Storming off, silent treatment, sulking, causing a row about it, belittling you, throwing insults at you (saying you're selfish or stupid etc), gaslighting you by saying you don't know what you're talking about or twisting it round and saying you don't trust his judgement or trying to make a argument that he started into being your fault etc - it's all your punishment for not shutting up and doing what he wants. Designed to get you to do exactly that next time.

You don't need a reason to divorce. No fault divorce has arrived in the UK.

You are married so you have rights to the house regardless of the deed issue. But his refusal to put you on the deeds shows contempt for you, a lack of commitment to the marriage, and that he is a complete and utter prick. Refusal to put you on the deeds counts as abuse.

There are red flags here pointing to financial abuse. You are married and yet he says you can’t go onthe deeds to the house because you don’t make enough money. Bollocks to that. I make very little money compared to my husband , but I’m on the deeds and the mortgage. He talks about ‘his’ money and he didn’t ask you about being a guarantor. You need to speak to a solicitor. Try to get photos of any financial documents, statements etc, before he becomes aware you are looking.