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  • FIRST POST
    • rufus86
    • By rufus86 19th Jun 17, 2:53 PM
    • 59Posts
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    rufus86
    Switching partners on mortgage?
    • #1
    • 19th Jun 17, 2:53 PM
    Switching partners on mortgage? 19th Jun 17 at 2:53 PM
    Hi

    Is this an actual possible thing?

    I own a property with my sister and we would like to do the following:

    1) Buy my sister out by releasing equity in the property and giving her the cash
    2) Add my partner to the mortgage, thus taking a new mortgage (or updating the existing mortgage) with the added money we would borrow after equity release

    £231,000 currently owed on mortgage
    Property now valued at £490,000
    Looking to release £50k in equity

    Thanks
Page 1
    • Caz3121
    • By Caz3121 19th Jun 17, 3:04 PM
    • 10,577 Posts
    • 6,929 Thanks
    Caz3121
    • #2
    • 19th Jun 17, 3:04 PM
    • #2
    • 19th Jun 17, 3:04 PM
    £231,000 currently owed on mortgage
    Property now valued at £490,000
    Looking to release £50k in equity
    Originally posted by rufus86
    based on your figures there is £259k equity in the property
    is there an unequal split in ownership? - £50k to your sister £209k to you?
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