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Buying out my partner
Gerard83
Posts: 3 Newbie
My partner and I are attempting to raise capital to buy out her ex-partner with whom she has a joint mortgage. The property is worth approx £200k and there is only £62k outstanding on the mortgage, her partner wants £40k however due to my partners credit score we are unable to get a joint mortgage. Would it be possible for me to get a sole mortgage for £101k to pay him out of the mortgage and pay off the outstanding mortgage. My credit score is excellent so have no problem securing a mortgage for that value. Is it possible for my partner to sell the house for that value? Or any other suggestions? We don't have time for my partner to improve her credit score.
Thank you.
Thank you.
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