Mortgage advice after relationship split

Bouriquet

hmmm...where do I start ?

Basically I need to know the best way I can buy out my partner's half equity share in the house (approx £50k). Is it simply a matter of getting a further advance at a new rate or are there better options available. The mortgage has approx 19 years to run, and I can't really afford the £350 or so per mth a further advance would require.

Any other ways or people in the same position ?

Many thanks....

regularsaver1

You will need a solicitor for all the legalities - they can advise you

but you can approach your existing lender to apply to take the mortgage on your own and borrow the extra at the same time

i'd say get a sol first, but you can check with your lender for free

Jewel_2

I am no expert, but I think you have to check that you can get the mortgage to start with, especially if he is coming off it. I know there is something called transfer of equity done by a solicitor, but I am sure that the outstanding mortgage needs to fit in with the lender's requirements to be transferred over to you (a bit like buying a property on your own). I am sure there are other ways round this though.

I'm not an expert, just been through a divorce!