Buying somebody out...

debbie11

Hi there,

(Sorry if i'm on the wrong section of the forums - please feel free to redirect me if I am!)

I'm after some advice on buying my partner out on a mortage - how I would go about doing it (I know I would need a solicitor at some point, but how to set the ball rolling...), and if it is plausible...

2 years ago bought the house, then worth 172k. I put down £40k deposit (I have a higher stake because of this), so 132k mortgage (over 35yrs). I was on 16k, my partner on £18k.

Now, mortage is 130k. My pay has increased to 26k, meaning I would (as far as i'm concerned) be able to afford the house on my own, with a lodger in.

If needed I would be able to get a guarantor.

Am I kidding myself?! Or would it be a possibility...?

Thanks!

Cannon_Fodder

Ask your lender if they agree you can afford it, would be the place to start.

5x salary is ambitious, but if they use affordability rather than salary multiple, its not impossible.

debbie11

:T

Thanks. I guess that's the only place to start then!

Thrugelmir

Do you have a legal agreement with regards to the deposit that was used towards the purchase ?