Split with partner i would love to keep house....mortgage questions

stepp

Hi guys

I have recently split with my partner, we have a house and joint mortgage.

Basically she would like 30k to "buy her out".

Putting this amount on top of the current mortgage would really stretch my income but I think I can do it....the question is will my lender ( santander ) look into how much savings I have ( not much ! ).

I know the rules have changed so im not sure if buying someone is as easy as them coming off the mortgage and me taking it on my own ( although doing on-line calculators they wouldn't lend me the amount I need on my income ).

I really don't want to lose the place, I have done a lot of work here.

I will contact the lender tomorrow, just wondered if anyone has been in the same position?

Any help advice would be great

Thanks

themull1

I split with my ex husband three years ago, we went to our lender, they valued the house at 50k in equity, i bought husband out, giving him ten grand straightaway, and a further ten when my eldest daughter reaches 18 providing the maintenance payments have been kept up to date, Nationwide took my tax credits/maintenance and child benefit into account. What is your mortgage/earnings?

stepp

Hi

Thanks for the reply

Mortgage at the moment is 170k house is worth 260k, she wants 30k so that would take my mortgage up to 200k ish

I earn 26k, have no children or any other debts, but i still think they wont do it, well according to the on-line calculations.

Thanks!

themull1

Why does she only want 30K?

PasturesNew

A £200k mortgage on a £26k salary. There's your elephant in the room.

8x salary at a time when banks are clamping down to 4x salary.

CLAPTON

your mortgage company would probably assess you using their usual affordability criteria

best ask them asap

stepp

She only wants 30k as i used my deposit from my old house to buy this one, there is no hard feelings and things are not "messy".

I will speak to them tomorrow, thanks for all the advice.

Thrugelmir

Be prepared to sell. On your salary a mortgage of that size simply isn't affordable.

ethank

You cannot afford this mortgage at 200k. I would get the property on the market asap.

dashetlandexile

Unless you have more income that you haven't mentioned, it is highly unlikely that your lender (or any other lender) would allow you to continue the mortgage at its current level in your own name. Never mind borrowing additional funds to buy your ex out.

If you were to ask them to remove your ex from the mortgage (called a transfer of equity), they are likely to refuse. So unless your ex has more income and is willing to take the property on, you probably need to sell up.