Where do i start with buying out partner?

humanbeing_2

Ill try to stick to the facts:
I jointly own my house with my partner. We are splitting up (very amicabally, we still currently live together.)

The house is valued at around £145,000 and the mortgage currently has around £47000 outstanding. (about 98,000 equity then.)
For reasons i wont go into i could buy her half for maybe £35000.
I could easily afford the current mortgage on my own, but although im money savvy i have a poor job, only around 8800 a year. No lender is going to lend me a total mortgage of £82,000 as far as i can see.
Im sure i could afford it, i have no other debts (apart from credit card stoozing which i could pay off tomorrow ;-) and could rent out a room.

Would any lender be prepared to take on something like this? theres enough equity in the property for them to get there money if it all went wrong.

If my ex partner agreed to lend me the money and i pay her back instead of the bank, could that be made a legal agreement?

silvercar

I think your ex-partner could put a second charge on the property. (so in the event of a repossession the mortgage would be repayed first then your ex).

How about your ex-partner acting as guarantor for the mortgage?

The other way is a self-certified mortgage where you don't have to provide evidence of salary etc. In this case you would, in your mind at least, be considering the rental income of your spare room as income in addition to your salary.

Just ideas of the top of my head, I'm sure an expert will be along soon.

humanbeing_2

Thanks for that.
I'll research self certified mortgages.

MortgageMamma

Hi There, sorry to hear your situation,

You need to find out exactly what your house is worth, then exactly how much your partner wants for you to buy her/him out. I don't want to sound mean, but it's my opinion that you will struggle to support yourself onjust 8800 a year, so unless you have other income or are planning on working more hours/increasing you income somehow I would seriously consider if keeping a mortgage on is viable? Your current lender if you stay with them is likely to reassess your circumstances when they hear your ex is being released from the mortgage, and its impossible to predict the outcome of this. You need to gain consent of your lender if you wish to rent a room. If you have not taken legal advice now is the time to do so.

Best wishes during this difficult time

L

humanbeing_2

Thanks for the advice. Im going to see an advisor next week to check things out.