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finances regarding house loan from his parents

  • bellyboo3
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28 Aug 12 #352305 by bellyboo3
Topic started by bellyboo3
hi
Im new to this but here we go we split up in november i left with my 3 children to stay at my mums after a very big argument, it wasnt a case of i may never return. But in the meantime the locks were changed!
Im now in rentd property the house we own together when we bought 5 years ago his parents lent us 51k which we payed them back by cash £250 a month, we printed an agreement out which we both signed, now he is divorcing me he is saying we have only made them 3 payments in 5 years which is aload of rubbish. So therefore there is less equity in the house.
Any ideas where i stand we still have a morgage on it of 50k to pay too. Loosing around 10k could be the difference between me being able to buy again and having to rent with 3 children. His income is also shown as very low as he is self employed need i say anymore!
many thanks

  • MrsMathsisfun
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28 Aug 12 #352316 by MrsMathsisfun
Reply from MrsMathsisfun
If neither of you have evidence of regular payment being made to the parents then I would think this would be considered a ''soft'' loan.

As a soft loan it would only be paid back if there are enough assets to rehome you and the children without the need for this money.

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