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Mortgage advice.
Mathew
Posts: 560 Forumite
Hi Guys
Me and my girlfriend have been living together for the last couple of years in a property that belongs to me and is in my name. My girlfriend is still on a mortgage with her ex (although separated several years ago) with the ex living in the house.
The property is on a fixed mortgage not due to expire for several years. Initially the plan was for him to buy her out re-mortgage and that be that, however, he cannot get a sufficient mortgage alone to cover what's owed on the house. THe money she initially put in was a loan from family and that is what she would like to retrieve.
He wants to remain in the house and not sell. He can afford the monthly repayment.
Would the following be possible?
He pay her a mutually agreeable amount (1/2 equity for example, a recent valuation put this in excess of what put in), she remains on the mortgage for duration of fixed term to allow him to stay there and her sign over any entitlement to any equity of the house at a later stage. Probably worth pointing out that there is sufficient equity within the house that neg equity at a later stage needn't be a worry. He is agreeable to this so it is really to see whether it's possible.
If this is not possible could you offer any other alternatives?
Thanks for any advice.
Me and my girlfriend have been living together for the last couple of years in a property that belongs to me and is in my name. My girlfriend is still on a mortgage with her ex (although separated several years ago) with the ex living in the house.
The property is on a fixed mortgage not due to expire for several years. Initially the plan was for him to buy her out re-mortgage and that be that, however, he cannot get a sufficient mortgage alone to cover what's owed on the house. THe money she initially put in was a loan from family and that is what she would like to retrieve.
He wants to remain in the house and not sell. He can afford the monthly repayment.
Would the following be possible?
He pay her a mutually agreeable amount (1/2 equity for example, a recent valuation put this in excess of what put in), she remains on the mortgage for duration of fixed term to allow him to stay there and her sign over any entitlement to any equity of the house at a later stage. Probably worth pointing out that there is sufficient equity within the house that neg equity at a later stage needn't be a worry. He is agreeable to this so it is really to see whether it's possible.
If this is not possible could you offer any other alternatives?
Thanks for any advice.
0
Comments
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If she remains on the mortgage, she remains liable to pay it - if he losess his job, for example, the lender won't think twice about going after her. This won't go away even without the agreement what to do about the equity.
If he can't buy her out, they should sell.
How much does he earn, how much is the mortgage, how much money does she want from him in, how much equity is in the property?
Why can't he pay her back the loan from her family if he agrees she should have this back now, regardless or not of the issues around transfering it to his sole name or selling it?0
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