How to get equity out of house?

MoneySavingMumof2

My husband and I are intending to split up. I am hoping to move out of the house with our 2 children and buy another place with the equity that I (hopefully) get from our house. We are hoping to split it in some way (% share yet to be decided).

My husband will be carrying on living in the house we currently live in.

Some questions please:

How do we get the equity from the house if we are not selling it? We are not sure what we do, or who we contact to sort this out?

If I am moving out, is it just a case of getting my name taken off the mortgage and the deeds?

What are my chances of getting another mortgage - I work part time, husband will be paying towards the children and I will hopefully have quite a resonable deposit to put down on another house.

Sorry for all the questions, just very confused by it all.

Thanks for your help.

andrewmp

MoneySavingMumof2 wrote: »

My husband and I are intending to split up. I am hoping to move out of the house with our 2 children and buy another place with the equity that I (hopefully) get from our house. We are hoping to split it in some way (% share yet to be decided).

My husband will be carrying on living in the house we currently live in.

Some questions please:

How do we get the equity from the house if we are not selling it? We are not sure what we do, or who we contact to sort this out?

If I am moving out, is it just a case of getting my name taken off the mortgage and the deeds?

What are my chances of getting another mortgage - I work part time, husband will be paying towards the children and I will hopefully have quite a resonable deposit to put down on another house.

Sorry for all the questions, just very confused by it all.

Thanks for your help.

The person who is going to take over the equity share would have to pay the person selling their equity share. This is usually done via a mortgage.

Locoblade

In simple terms your ex needs to remortgage the house, on his own, for the amount owing at the moment, plus whatever money you agree you can have from the equity. e.g if you currently owe £100k on a house thats worth £200k, and you decide to split the equity 50/50, he'd need to remortgage for £150k in total to pay you half (£50k) of the equity.

This will be subject to the mortgage company accepting him as a sole name on the mortgage (will depend on how much he earns etc), and will also depend on the value of the house now. He'd only likely be able to remortgage up to about 90% of its value, so if you had a £180k mortgage on a £200k house, he might struggle to get a mortgage to pay you the £10k equity share.