Also meant to say we are only financially linked via a joint bank account that has no overdraft and isn't used

Welcome to the forum Curlytop83.

If your husband is the sole owner of the property the only real concern is your joint account as it creates a financial link between you.

It will not affect his credit rating but it might affect some lenders willingness to lend to him.

Is there any equity in the property that your mother lives in?

Many thanks for your reply

That's my concern as I do not want his credit eating to be affected. Could I close the joint account we have before I enter into it?

There could be a little equity in my mothers property - circa £20k max?

Closing the account might help, though you'd still possibly need to contact the credit reference agencies to financially disassociate yourselves afterwards.

Are you the joint owner of the property that your mother lives in? That's not always the same thing as being on the mortgage.

You will need to close all joint accounts and send notice of dissassociation to the bureaux.

Do a search for that and you'll find some information on it.

Also, have you applied for anything joint and not gone ahead? Applying will create a financial association. Also think about utilities,` insurance etc. Many things we forget about can be forms of credit.

You may wish to talk to the bureaux with regards to this and a partner who you have not split from. Don't panic, I'm just thinking in case there are any things we miss.

Might also be an idea for both of you to do it. And you may want to do it now even if you are at the stage of thinking about a Trust Deed.

Yes I assume I'm the joint owner as we never stated otherwise when we bought it? I'm not as concerned about the implication to my mother as she stands to benefit if I went down the trust deed route. Really my biggest fear is that my husband wouldn't be able to get a mortgage/loan in the future so would only pursue this route if u could find a way to protect him as essentially they are not his debts!

How would your mother benefit from your trust deed if you signed one Curlytop83?

Well she was made redundant a year ago so I've been helping her since and now with the arrival of my second baby this hasn't been possible and my debts are putting my ability to pay the mortgage on her property into jeopardy...

Hi again.

If there's equity in that property the trustee will need your share to be paid over (in addition to your monthly payments). Do you have a way to access a lump sum like that? Does your mother?

I doubt the trustee will make any allowance for you to pay a mortgage on a property that you don't live in either. It's money that could be used to pay back your debts.

In terms of consequences I think you need to think more about your mother than your husband from what we've read here.

Hmmm no I don't think there is a way to access such a lump sum as we wouldn't be eligible for a remortgage. That's food for thought - thank you

Hi Curlytop83,

I can understand your concerns regarding your situation having an impact on your husband as your debts were taken out prior to the marriage.

Can I ask if you don't mind telling us how much debt do you have?

As TDA has said your main concern should be your mothers property. If you were to consider a Trust Deed then the equity in this property would need to be established by carrying out a valuation and obtaining a redemption figure for the mortgage. Should there be any equity then a Trustee will look for your share of this. It's also unlikely that you would be allowed to pay the mortgage as you are not living in the property.

You could consider the Debt Arrangement Scheme which will not take into consideration the property which you jointly own with your mother.

I would take your time and be careful about proceeding with a Trust Deed until the equity has been confirmed and an agreement made in writing regarding how this will be dealt with. There is another forum user that is having difficulties regarding her parents property at the moment.

Is your mother still unemployed following her redundancy?

Hi.

I think there might be an issue with funding the mortgage on a house that you don't live in with DAS as well?