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Can I buy out my ex? Remortgage
Hakuna
Posts: 3 Newbie
Can I get a mortgage working part time on A house worth £130000 if I have a £60000 deposit?
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Comments
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Forgot to say, that would mean remortgaging £70,0000
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depends on your income and the salary multiples that the lender uses for your circumstances (eg if you have dependents)
If you receive any benefits such as tax credits on top of your income it will depend if the lender includes these, ignores then or takes a % into account0 -
If my salary is going to be £7500 per annum part time and I have one dependant?0
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On that level of income, without child benefit, maintenance and/or tax credits?
I can't see anyone being willing to lend, unless you have some other income. Your income is totally taken up with subsistence expenses.I am a mortgage broker. You 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 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
that is over 9x income so doubt that is going to happen. Is there anyone that could go on the mortgage with you such as a still working parent with no mortgage of their own?
I assume the mortgage is to take over the current mortgage and pay your ex a % share of equity. Were you married? have you taken legal advice re the finances? what is the current mortgage value?
From your figures it implies that the house is mortgage free and you are going to pay your ex more than 50% of the value
If there are other financial elements you may find that you do not need as much as you think, eg you could offset pension sharing for higher % of house0 -
If you are married, you might also be able to look t a 'Mesher type' order, where you pay you ex something now, and the balance when your child leaves school.
Is your ex the parents of your dependent? Some lenders will take into account child maintenance provided that it is pad under a court order or following a CSA assessment, which could help with mortgability, but you are unlikely to be able to borrow more than 3.5 x your incomeAll posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0
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