buying husband out

needtoearnmoremoney

My house is currently worth around 320- 340K and I have a mortgage of 120K.

I need to raise around 65K to buy my husband out, meaning I will have a 185K mortgage, if I can get one.

any advice?

luckyfool

What do you need specific advice on? Whether you can get a mortgage? To know that we would have to have an idea as to how much you are earning.

needtoearnmoremoney

My salary is 42,700 but I'm 53.

the current mortgage only has 12 years to run.

houses are not selling at the moment or i would sell, give him his money and buy something small.

should I extend the term? I will sell as soon as the market picks up - it's not the price that is my issue simply that I'm a fair way along a chain and if the bottom end doesn't sell than I have no prospective buyers

luckyfool

Your choice is to either sell at whatever price you can get now, and obviously negotiate hard on the property you buy to get a similar discount, or go through with the remortgage to buy him out now and obviously hope to sell when the market has picked up (be it in 6 months, 1 year, 3 years, or 10 years). As to your age, income and term, none of that would present too much of a problem depending on how much you have in terms of other outgoings (e.g. credit cards/loans etc). You would possibly be looking to take the mortgage on part or full interest only to keep your payments down until you do downsize.

Given the significant equity you have there are plenty of options out there that would be suitable for you. Speak to a good whole of market broker and make sure that they are also reviewing what Direct only mortgages are available for you.

Cheers,

Joe

needtoearnmoremoney

Thanks very much

Selling now is unlikely - 2 similar houses have been on the market for months with no viewings.

SouthCoast

I will sell as soon as the market picks up

When will this be?

I know of a divorce case where the judge ordered that the price of the matrimonial home was reduced by £10k a month until it was sold.

needtoearnmoremoney

Then it might be in my interests to hang on for 6 months so the amount I have to pay him will be less.

He is the one who has someone else.

luckyfool

If you keep dropping the price until it sells then its not just him that loses out, presumably you do as well?

needtoearnmoremoney

yes but it might enable me to stay here and buy him out