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help! how can i buy 50% of partners house?
stag_2
Posts: 5 Forumite
Hi everyone
been lurkiing around these forums for quite a while bit this is my first post- here goes ,my partner has her own house but was going to sell it and move in with me at the house i was buying which fell through so we looked around and both realised that we couldn't see anything what suited us any better than her house so my query is how can i buy into her house so that it suits us both?she has 60k mortgage on house value between 400-450k idealy she would like to pay this off from the money i would pay for 50% of her house- so how can we make this happen ? because i havent got 200-225k in cash so i would need a mortgage on the property is there any way i can have a mortgage of say 165 -190k on only 50% of the property ?leaving her without a mortgage ? or would both our names have to be on the mortgage ? which wouldnt be fair on her obviously after haveing signed over 50% equity and then to be liable to half of the mortgage - so all you very knowledgable people on here how can we make this happen so its all fair on both parties ? should we remortgage to half the value ? less my cash contribution ? but can that remorgage just be in my name ? please someone shed some light on this for us
thanks in advance
been lurkiing around these forums for quite a while bit this is my first post- here goes ,my partner has her own house but was going to sell it and move in with me at the house i was buying which fell through so we looked around and both realised that we couldn't see anything what suited us any better than her house so my query is how can i buy into her house so that it suits us both?she has 60k mortgage on house value between 400-450k idealy she would like to pay this off from the money i would pay for 50% of her house- so how can we make this happen ? because i havent got 200-225k in cash so i would need a mortgage on the property is there any way i can have a mortgage of say 165 -190k on only 50% of the property ?leaving her without a mortgage ? or would both our names have to be on the mortgage ? which wouldnt be fair on her obviously after haveing signed over 50% equity and then to be liable to half of the mortgage - so all you very knowledgable people on here how can we make this happen so its all fair on both parties ? should we remortgage to half the value ? less my cash contribution ? but can that remorgage just be in my name ? please someone shed some light on this for us
thanks in advance
0
Comments
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arranging a remortgage is not a problem due to the high level of equity in the property. there are a number of issues as what you want is not strictly straight forward. I have access (as a broker) to lenders solicitors whom I could ask if you so wish.
I am sure you will both need your own independent solicitors to advise.
My initial thought is that you wont be able to remortgage in one name and yet have the property in joint names.
If you are still interested let me know and I shall ask (for free) what the options may be.
regards,
markYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow the 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.I am a Mortgage Broker.0 -
F S
thanks very much for replying and if you could "ask" that would be great thanks again for trying to throw some light on this for us0 -
will ask solicitors as requested.
regards,
markYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow the 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.I am a Mortgage Broker.0
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