Can i buy out partners ex without remortaging?

40girl

Hi All,

I want to buy my partners ex's half of the house. The house is valued at 175k and they owe 95k on the mortgage. So 80k equity.

If I were to give 40k to my partners ex could we just get the name removed from the mortgage, add mine and carry on or would we have to re-mortgage?

Thanks in advance

somethingcorporate

It'll be up to the mortgage company, they will probably want to re-underwrite given the change in parties. I very much doubt it is a simple admin task.

holly_hobby

Yes you can apply to have your ex's name removed from the mge and deeds without a remortgage, your current lender will want to assess your sole income is sufficient to service the mortgage, and you're looking at a lender admin fee and a TOE fee of circa £450 with a solicitor.

Hope this helps

Holly

pollyanna24

My brother bought my ex out in a similar way almost three years ago.

I contacted Nationwide and they advised me what to do. I used the solicitors that they provided.

Me and my brother had to prove that we could afford the mortgage on our wages, so a bit like applying for a new mortgage I guess.

Then my ex had to get a solicitor. Sounds all quite complicated, but once you read all the paperwork you are given and follow it, actually wasn't that difficult.

We agreed on an amount that my brother would pay my ex (similar to the way you worked out your equity and just gave him half).