Thanks in advance for any help with this matter.
My partner and I bought a house together before getting married, equity split was 50/50. Over the last few years I've become liable for a number of debts include a 'business' debt. We have approximately £40k equity in our house and I'm thinking of getting a loan from a friend for my £20k and securing this as a second charge. My questions are:
1) What is the process of undertaking a second charge?
2) Legally, do I need to get the house valued etc?
3) If all goes wrong in the future, is my wifes £20k safe?
Thanks for any advise.