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How to buy out ex?
Droop
Posts: 51 Forumite
Having trouble finding a solution to my very difficult situation
Self-Employed but been ill for over 2 years on ESA so no earned income.
Own property outright, valued at £160,000 so need to raise £80,000.
Can't get a 'normal' mortgage due to income, or should I say, lack of it.
Can't get a BTL as although I've been a landlord in the past it was around 4 or 5 years ago, and as such a minimum income of £20-25k is required.
Just had an idea I would like your views on:
Would it be possible for me to setup a LTD company. Loan the company enough cash to put a deposit on an £80,000 mortgage and so use the company to buy my ex's share of the property? I would then use the company to rent a couple of rooms out to pay the mortgage.
If not possible, any other ideas would be much appreciated.
Self-Employed but been ill for over 2 years on ESA so no earned income.
Own property outright, valued at £160,000 so need to raise £80,000.
Can't get a 'normal' mortgage due to income, or should I say, lack of it.
Can't get a BTL as although I've been a landlord in the past it was around 4 or 5 years ago, and as such a minimum income of £20-25k is required.
Just had an idea I would like your views on:
Would it be possible for me to setup a LTD company. Loan the company enough cash to put a deposit on an £80,000 mortgage and so use the company to buy my ex's share of the property? I would then use the company to rent a couple of rooms out to pay the mortgage.
If not possible, any other ideas would be much appreciated.
0
Comments
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Sorry, but the limited company idea won't work.
The company has no track record of paying debts, and no track record of having an income - so nobody would lend to a company unless its director gave a personal guarantee. If a lender won't accept you personally, they won't accept you as a guarantor for a company.
Is it certain that you have to pay £80k to your ex? And if so, is there any chance they'd wait a few years for their money? If not, I think you might have to consider selling up.0 -
As indicated, a sibling or parent (depending upon age) is allowed by some lenders, although clearly they will need to factor in their mortgage, commitments etc. and yours as a dependent so will certainly not be an easy solution.
Best of luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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