to sell or buy out?

suzyp1982

I have just found out that my dh has been having an affair.

We have a house that is on the market for 185k, however looking at 175k.
the mortgage is 104k with early redemption of 6k.

we are married however he has savings of 20k.

i was considering offering him 25k to up and leave (ie buy him out) would that sound reasonable?

i could get a mortgage for myself for about 580 a month over 35 years is that too much for a single person? this is cashing in on our current mortgage

getmore4less

It might be better keeping the existing loan and top it up.

Depends on the rates and if the cuurent lender will let you

Whats your income.


OK £175k less the £110k for the mortgage take of £3.5k for fees leaves about £62.5k so around £31k each.

£25k for a quick sale to you, if you get no offers over £165k seems reasonable

So you need £135k LTV on £175k 77% so OK ish

Down to income multiple?

Single is not an issue disposable income and can you afford it.


More important do you want to live in this house?

dimbo61

He does not have £20K in savings as you are married so you should have 50% of the savings. Have you got statements showing the savings !
Do you want to stay in the house and can you afford the mortgage ?
Do not leave the house until sold or he buys you out.
Have you got kids ? If so see a solictor.
If no kids then 50/50% seems fair of all your assets!
I would offer him £10/15K if you can get the extra money from your existing lender as this saves him and you ERC of £6K and selling costs.
If he wants to buy you out ask for £40K as half the savings and half equity in house.
He won't have selling costs or ERC
Get legal advice and good luck

suzyp1982

thanks for the replies.

i couldnt afford to keep the current mortgage repayments as they are too high so i would have to pay it up and re start.

i leave with about 1600 a month

we have no kids, i dont min staying in the house, its not brilliant with the memories but they will go and i will change it around, its just that this is a better house than i will ever buy if we sell up.

the statements for the savings are in his name

Im wondering if i can get a mortgage in the circa of 550 a month it would be achievable

getmore4less

With £60k equity £10k-£15k is on the mean side.

If you wantt include the savind then £20k is about right

dimbo61

Can you get a £104,000 mortgage plus £20,000+++ to buy him out on £1600 a month take home pay ?
You need to be earning £30K a year plus costs to get his name off the mortgage.
How much deposit did you put in each ? It should be 50/50 each of all the assets and that includes any money in his name.
Put the house on the market if you cant afford it and move on with your life

poppy10_2

You really need to get a solicitor involved, it might cost you a couple of hundred pounds but you are dealing with tens of thousands of pounds here. If you come to an 'informal' arrangement, there's no guarantee he won't come back for a second bite of the cherry later and try to get more of the equity.