Buying out ex wife

juwelkeeper

Hi
Basically my house is worth £145000 there is £38000 left to pay on the mortgage so £110000 equity in the house.

I have to pay her £60000 meaning i need a mortgage of £98000 .
I went to a broker who told me i should be ok he phoned me a few days later saying he was struggling to get me the mortgage and heard no more from him since about 3 weeks ago not the sort of service i was hoping for even if he just rang me to let me know what the score was.
I earn £21000 a year and aged 50 what hope do i have of getting a mortgage for £98000 could i go down the interest only route.

Thrugelmir

juwelkeeper wrote: »

I earn £21000 a year and aged 50 what hope do i have of getting a mortgage for £98000 could i go down the interest only route.

You'll struggle on that income.

To switch to interest only you'll need a repayment vehicle. Consider downsizing perhaps. With a limited number of years until retirement your ability to repay is curtailed.

juwelkeeper

Yeah im guessing its going to be tight. My only over hope is getting my partner to come in on the mortgage but she was declared bankrupt about 5 years ago after her ex husband gambled there house away hence why i tried to get the mortgage in my name only.
Thrugelmir what sort of figure do you think i could borrow on my wages as my over option is to pay her as much as i can and then pay her the rest when i sell the house next year in the hope that house prices will have risen and made me a little profit .

ethank

You should speak to a broker if your partner is willing/able to go on the mortgage. Bankruptcy marker will be removed after 6 years. Also, if she has been discharged there are people who may lend.