Buying partner out of mortgage..please help

Gremlin390

Hi,

Me and my partner bought a house nearly 2 years ago. Unfortunately, we are now going separate ways and I'm thinking about buying her out.
I'm a first time buyer and need help. I put down the deposit and she put the stamp duty towards the house and this has been written into our agreement so I am not worried about that.
We bought our house for £180k, my plan is to get it valued soon.
If the value of the house has increased, how is this worked out? Would I need to pay the difference?
What would happen if the value of the house has decreased?

Thanks in advance

ACG

There is no set rule.
Generally speaking you would remortgage the house in your name only for the amount of the mortgage plus however much you have agreed she will be receiving from it.

(Also your not a first time buyer as you already own the property presumably... not that it will make any difference to the available rates).

Annisele

Gremlin390 wrote: »

If the value of the house has increased, how is this worked out? Would I need to pay the difference?
What would happen if the value of the house has decreased?

Hopefully the agreement you're talking about covers those things. Did you have a Deed of Trust drawn up, or did you and your ex come to the agreement yourselves?