Mortgage to buy ex out ?

JackRS · 17 June 2014 at 1:21PM

I am currently going through a divorce, the financial settlement has not been agreed yet, however ex is moving out of FMH to somewhere closer to her parents. I’m currently in rented so I could move back to FMH and thought I could buy her out of 50% of the value.

Therefore I’m looking to take out a mortgage (don’t currently have one as paid off the original in 2011) to buy the house for the 2nd time, only it’ll cost a lot more this time round.

I’m looking at this stage if I can get a mortgage to buy her out of her share, eventually the settlement may change the split in her favour. Once I’m back in I will want to sell it so I’m looking for a flexible mortgage that’ll have no early redemption charges. 3 times my salary is a great deal more than 50% of the house value so I believe I should be able to obtain a mortgage for the amount, although my credit rating is currently poor as I have £16K unsecured loans (0% credit card debt) due to legal fees and setting up rental property while paying voluntary spousal maintenance as my ex has no income (long story won’t go into that here).

In the past I have used IFA when I was moving my mortgage around to find the best product, my last mortgage was 0.17% above base so I was paying 0.67% for the last few years, don’t see any products like that around now?

Please could someone recommend a mortgage product that would work for me, obviously want to minimise set up costs and redemption charges if it sells within a year as the location is not ideal for work, so want something smaller in a better location.