basic mortgage enquiry

sazzieb

i have a joint mortgage with my husband from whom i am seperated.

we bought the property for 40,000 and this is the amount owed on the mortgage.( we did have an endownment but it was surrendered for 7,000)

the property is now worth 100,000 and we have agreed to split equity equally.

I have a new partner and we want to buy out my husband from the house.

I dont earn enough to get a mortgage myself but my partner does.

so am i right to think we will need to get a mortgage for 70,000
and will my equity be the deposit?/?

GMS

If you are on the current mortgage you would be looking for a remortgage of 70k with a transfer of equity needed, i.e ex off it and new partner on.