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Seperation - what to do with the house ....help!
xxcaggyxx
Posts: 12 Forumite
Me and my partner of 3 years have just split up, we bought a house together, (not married and no children).
He paid a £20 thousand pound deposit and we got a joint mortgage for the rest £120 thousand. (house cost £140 thousand). He has also paid about £10 thousand on doing it up. He wants to buy me out and im not sure what that means? How does that work? I would like to keep the house myself but only earn $16 thousand and dont have a grat credit history so i dont think i will be able to.....
Please can you explain what happens if he was to buy me out? Do i get money or do i pay it to the mortgae company?
Not got a clue!!
We have had the mortgage for 11 month so not that much paid off (its over 35 yeras!). Also does he need to be earning a certain amount to be able to get a mortgage for the whole house, he is not working at the min as he was made redundent, but i think hs parents may be willing to go on the mortgage with him.
Thanks
He paid a £20 thousand pound deposit and we got a joint mortgage for the rest £120 thousand. (house cost £140 thousand). He has also paid about £10 thousand on doing it up. He wants to buy me out and im not sure what that means? How does that work? I would like to keep the house myself but only earn $16 thousand and dont have a grat credit history so i dont think i will be able to.....
Please can you explain what happens if he was to buy me out? Do i get money or do i pay it to the mortgae company?
Not got a clue!!
We have had the mortgage for 11 month so not that much paid off (its over 35 yeras!). Also does he need to be earning a certain amount to be able to get a mortgage for the whole house, he is not working at the min as he was made redundent, but i think hs parents may be willing to go on the mortgage with him.
Thanks
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Comments
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Not an expert, but I'd suggest you try and find out what it might be worth in the current situation as if you're in negative equity it might get very complicated.
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One next door sold for £120 thousand last week.....we wont need to sell if he buys me out tho will we?0
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You'd be looking to take out a 100% mortgage on 120k with a 16k salary, I would be staggered if anyone would lend to you under those conditions.Debt January 1st 2018 £96,999.81Met NIM 23/06/2008
Debt September 20th 2022 £2991.68- 96.92% paid off0 -
What about if he bought me out? How does that work??0
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What about if he bought me out? How does that work??
He ( or parents) would need to raise a mortgage for the outstanding amount. He would pay you half the equity if any, or maybe claim half of any negative equity from you. Doesn't look promising.This is an open forum, anyone can post and I just did !0 -
Your ex puts in £30k and you put in nothing, yet you want to keep the house yourself?
Is this a wind up? Have you created this just to cause a bit of a row?
I noticed that you have also created an identical thread elsewhere on the forum..."I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.0 -
I pay the mortgage payment each month and he pays for the repairs and his familay gave him the depost!!!!0
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Did you pay for the entire mortgage, or just your half? Are you on an interest only or repayment mortgage?"I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.0
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I pay the full amount of mortage payments each month and he pays the bills....but the mortgage is 50/50 in both names ....except he also paid the deposit...0
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is it a repayment mortgage or interest only?"I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.0
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