Buying out a partner following split

Marts67

Hi There

I would welcome any advice on whether I would be able to remortgage or the best way to raise 30k to buy out my ex partner on our mortgage.
I am thinking of taking on the full mortgage 130k and raising another 30k to pay my ex partner, but this would equate to nearly 7 times salary. I am thinking would I be able to transfer to interest only for a period of say 2 years? I estimate the patments to then be £750/month which is less than I'm paying on repayment now £840

Or are ther any better ways?

Your views and aadvice are appreciated, thanks
Martin.

UK007BullDog

First of all speak to your present lender and ask for an illustration and if they are willing to assist you on this. You would save on valuation fees as the lender knows you and the property. If they do not want to play ball due to the income multiple / affordability not fitting then go to a broker who will do the lenders checks for you to find one who will lend.

regularsaver1

Is your ex partner on the mortgage and you need to remove them when buying them out?

if so, you will need a solicitor to do this - so make sure you account for their fees and the timescales of this

harry42

Hi
My husband is buying me out he had a valuation done by the bank (145,000) which is well under the valuation (160,000). I have asked for 70,000 he has made it impossible for me to live there so i have bought a house and using the money to buy a house.
Can i claim the difference after in the divorce as he has
inheretance which he could have paid me more.

Please help