Buying ex-partner out of house

rm1985_2

We have decided to split but own the house 50/50...they are happy to sell or me take over the mortgage. I'd like to keep the house myself.

There is £112,000 left to pay on the mortgage (no early opt out fee and mortgage statement received couple weeks ago). House is worth approximately £125,000 (not yet been valued but going off local figures), so guess would sell for little less.

What is the next regarding my ex-partner's settlement, mortgages and myself? I know I can afford the monthly mortgage payments and bills by myself, but not sure the process and requirements for taking over the mortgage?

I have no savings. However, parents could probably lend to me if required and pay them back.

Thanks.

Dave_Ham

On those numbers, would tell your Ex she cannot get anything back. When you factor in the costs involved of selling (at these prices) there would be nothing left...!

You need to speak with your existing lender and ask them if they are happy for you to take on in own name. They will assess income, credit score, outgoings etc. and then take a view. This will not simply be we think you can afford it, lets make it happen.

If they decline, you can look to other lenders to remortgage as sole name.

There will be legal costs involved of approx. £250-£450 for removal of name..

All the best.

loubel

You will need to contact your existing mortgage company and/or other mortgage companies to see if they will offer you a remortgage on your income alone.

Based on your sums you would need a 90% LTV mortgage before adding on costs and any sum to be paid to your ex so without any savings you may struggle.

rm1985_2

Thanks guys. Is it best to get the house valuation before talking to the mortgage company?

Dave_Ham

Probably no need, just an approximate will do although most banks will have their own view in any case...