Mortgage to buy OH out

BillTrac

Apologies, but I have searched and can't find out the info I need.

After 32 years of married life(won't say bliss), we have decided to move on.

Now OH has suggested we sell this house and buy her a flat, and I get a mortgage on a flat for myself. I can see her reasoning, as I earn more than her and she wouldn't have a hope of getting a mortgage.

I was thinking, maybe I could buy her out. Two bed flats around here are £100-120k, and if I could raise that I would and then I could stay here in my home.

Can anyone advise what chances are of getting £100-120k on an income of £37k? Existing mortgage has 2 years to go and we pay £350 a month repayment. We have an endowment due to mature in Septemeber 2011 with a guaranteed £15,000 at present.

Any suggestions would be most welcome

maninthestreet

Things couldn't have been that bad if the marriage lasted 32 years.

BillTrac

yes, but the last ten years have been hell.

getmore4less

How are you dishing out the assets?

what cash equivilent would you both get from that.

what is the house worth?

On £37k you could get £120k+ but would still need a deposit will you have enough equity to do that.

Also you will need to look at time left to pay off any debt, 32y marrage that will put you close to if not over 50 so you will be looking at 15y(ish) loans.

BillTrac

getmore4less wrote: »

How are you dishing out the assets?

what cash equivilent would you both get from that.

what is the house worth?

On £37k you could get £120k+ but would still need a deposit will you have enough equity to do that.

Also you will need to look at time left to pay off any debt, 32y marrage that will put you close to if not over 50 so you will be looking at 15y(ish) loans.

House is probably worth £200k in the present market. This is based on the selling prices of three houses in the same area that have just sold( well last two months). So I am looking at the same value as them, although it should be easier to sell than the other houses in the same road as it is a bigger property with off road parking and a bigger garden. The room sizes are larger mainly because the layout is slightly different so there is no hallway to cut a slice of each room(victorian house)

She ends up with a low-maintenance flat and no monthly payments, I end up with a mortage but can stay in my own home

Yes we have enough savings for a deposit, although if I remortgage this house then a deposit should not come into it.

I am 52 so yes a 13/15 year loan is what I am looking at

thanks for your input

getmore4less

Looks like you should be able to keep the place if you only need to stump up £100k-£120k , LTV will be good and salary is probably enough.