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I want to buy partner out of mortgage
catinthehat123
Posts: 1 Newbie
Hi, my partner and I are splitting up and have an equal share in the house so no problems there. I would like to be able to keep the house if I can and buy my partner out. On top of the mortgage itself I would obviously need to pay my partner his share of the equity.
My question is would I need to take out a separate loan to pay the cash sum to my partner or would the mortgage lender release an agreed amount in cash in with the new mortgage I take out in my name? Hope this makes sense - I'm a newbee to all this!! Thanks for your help.
My question is would I need to take out a separate loan to pay the cash sum to my partner or would the mortgage lender release an agreed amount in cash in with the new mortgage I take out in my name? Hope this makes sense - I'm a newbee to all this!! Thanks for your help.
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Comments
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You will need to remortgage. Speak to your lender and get a solicitor to make the arrangements to transfer the funds once you've got a formal agreement about the split drawn up in writing.0
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When I did this I took out a new mortgage to cover the existing one and his share of the equity but it will depend on how much of the value of the house the mortgage will be and your income.(they will want to be sure you can repay back the mortgage)
The solicitors will organize the money getting to your Ex as he is part of the process anyway having to sign all the necessary papers to put the house in your name only and redeeming the joint mortgage.0
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