Buying out my Ex.....

illuminate

Split up with my partner with whom I share a mortgage.

Had a few years of major money troubles but unlike her I have managed to come out the other side. After working a while outside of my industry I have now secured a job back where my skills can be best utilised.

Next step is to buy out my ex so we can both move on. How easy will this be and how many months of salary from my new job will I need to show any potential lender ?

How will the process work ? I will need to find roughly 50% of the accrued equity..... The figures below are far from accurate but do give some indication of what I need to do.

Pay off existing mortgage £100K
Current house value £200K
Release £50K to pay-off Ex.

Is it as simple as me needing to find a 75% mortgage, or does the fact that 33% of the funds will need to effectively be cash present a problem ?

I have cleared most my recent borrowing. Reducing credit card debts from £25K to £5K and paid off my car. During the last 3 years or so we have fallen behind on the mortgage twice. By a month on each occasion. These arrears have now been paid up in full.

I guess what I'm really asking here is given the above circumstances is my situation anthing unusual and am I looking at buying far from standard financial products which do have a tendancy to be more expensive ?

CB1979_2

if i were you I'd get the place sold quick smart then start looking for somewhere of your own. can you rent anywhere/move in with friends/parents for a couple of months?

personally wouldn't want my ex (no idea how you 2 get on) having such a major part in my next move, remember she could theoretically pull out of the sale, not so good if you NEED to sell.

sell the old place bank the cash and then you're also in a much better position to proceed if you have a nice £50k deposit to put down.

but no doubt as she's a woman (and you're obviously to blame for the split! lol) she'll want 60-70% of the equity.

it all depends how amicable you 2 are and if you have both contributed equally to mortgage & deposit on your place.

illuminate

To be honest its me holding all the cards.

She's desperate for the dosh as like I said, she's in a right royal load of financial trouble and I get the impression that the pressure from those she owes money to is increasing. (All that debt is in her name)

Its me thats been dragging my feet as I've been trying to get a decent job to hopefully help with securing the finance.

As for our relative contributions on the original purchase. Its probably about 60/40 in my favour, but I'll happliy split things 50/50 unless she does start getting unreasonable.

Selling up isn't really an option I'd like to go for, due to prices around here and my attachment to the house.

CB1979_2

well can you not just remove her from the deeds & your mortgage?

theoretically you have 25% deposit on the place so you just need to remortgage or get a new product.

ah if it's you in the driving seat, I'd make sure you got more than your fair share then! lol

i bought my ex out, and she wanted it sold quick, I wanted to do it up more to sell on for more, she refused so i left it.

at the time she was renting, i was living back at my parents and we had no mortgage, but we still had the monthly bills coming out, she couldn't afford them anymore and I got 3 valuations from the EAs asking to value as is, with nothing removed from the house (furniture/rubbish/etc) and they undervalued by about £10-15k, she ended up getting £28k, after 2 more months and £1k more spent by me, I got £52k

illuminate

bump......