Can you mortgage against 2/3rds property?

muddyl

Hi all,

This may be a bit of a strange one this, im just looking to be pointed in the right direction if anyone knows where i would stand with this.

I know very little about mortgages as Ive never dealt with them before.

My wife currently owns 2/3 of her house, the remaining 1/3 owned by her ex-husband.

We want to buy out the house completely. The house has roughly 40k outstanding mortgage on it and is worth roughly 200k, probably slightly more.

Is it possible to get the mortgage extended/changed when we only own 2/3 so as to buy out the remaining 1/3?

If not, what other options would be available for us other than a loan as we cant get one large enough to buy him out.

Thanks in advance.

Senior_Paper_Monitor

Additional borrowing (or probably better a brand new mortgage) with an equity transfer.

Since you sound (and admit to) somewhat limited in your understanding of mortgages I would recommend that you contact a broker to assist you - on the figures given, and assuming your credit and earnings are up to the mark, it should be doable.