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What are the options - advice req
vegas78
Posts: 3 Newbie
Hi,
Advice required if possible!!
I have a property worth £215k. I have a remaining mortgage of £214k, so there is very little equity it in. I am renting the property out at the moment.
I live with partner who has a house worth c.£160k, with a remaining mortgages of £160k. So similar situation as myself.
The challenge is she owns her house with an ex. I understand he is interesting in getting out of the house and wants rid.
My questions are whats peoples view on what we do. I earn £66k a year and she earns £33k. Not really sure what our options are - could she take her house on herself? Could I take it on with her?
Given the current economic environment I would expect there to be challenges. I can get hold of about £20k cash if needed to help the situation.
Any advice much appreciated!
Thanks
Vegas
Advice required if possible!!
I have a property worth £215k. I have a remaining mortgage of £214k, so there is very little equity it in. I am renting the property out at the moment.
I live with partner who has a house worth c.£160k, with a remaining mortgages of £160k. So similar situation as myself.
The challenge is she owns her house with an ex. I understand he is interesting in getting out of the house and wants rid.
My questions are whats peoples view on what we do. I earn £66k a year and she earns £33k. Not really sure what our options are - could she take her house on herself? Could I take it on with her?
Given the current economic environment I would expect there to be challenges. I can get hold of about £20k cash if needed to help the situation.
Any advice much appreciated!
Thanks
Vegas
0
Comments
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Why not move into your property? And sell hers.0
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On £33k potentially she could get a mortgage of up to 5x income, so £165k, obviously subject to credit/commitments/affordabilty etc.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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You must be saving shedloads with £5800pm + rent coming in.
If your rental is done properly that should be stand alone
Then no problem raising the funds in a few months for a decent deposit to take over the mortgage0
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