Hi I am recently divorced and sorted out a Consent Order prior to the Absolute being issued. The consent order detailed that the house be signed over to me when I was financially able to take on the mortgage payments (I was turned down as he had refused to pay me child maintenance till the consent order was in place as he said he was keeping a roof over the childrens heads and food in their belly by paying half bills, so mortgage company wanted to see 6 months of child maintenance payments happening before they would consider my app).
The mortgage is in joint names but since the Consent Order I have made all mortgage payments from my bank account - he still lives in the house and contributes half towards the utility bills and does now pay child maintenance every month.
My questions are 1 - Is there any way that he could take out a secured loan on the property?? Is it possible for this to be done without me knowing and is there anything I can do to guard against this happening?
2 - As I am on a lower income, has anyone had any experience of the building society being happy that you have shown you can make the payments on your own??
If the house is jointly owned, then a secured loan would require both signatures.
I have no way of answering your second question. Relying on maintenance ( whether child or spousal ) is always risky in view of the possibility that the payer may fall ill, be made redundant, go bankrupt, or, for whatever reason, be no longer in a position to make the payments.