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Buying out loan

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violet2905
violet2905 Posts: 3 Newbie
in Loans
Hi

Is there such a thing as a "buying out loan" in the UK?

Me and my partner have split, we have agreed to take the current value of our house, take off the mortgage owing and divide the profit.
This has given us a buy out figure of £25k.

I was wondering if I should apply for a personal loan or are there specialised loans out there for this kind of thing?

V

Comments

  • Foxy-Stoat_3
    Foxy-Stoat_3 Posts: 2,980 Forumite
    violet2905 wrote: »
    I was wondering if I should apply for a personal loan or are there specialised loans out there for this kind of thing?

    If your keeping the property, your current lender needs to approve you to take on the mortgage in your sole name and lend you the extra £25K. Your Ex will agree the Transfer of Equity and they get their money and name off the mortgage and deeds.

    That is how it is done normally.
    "Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!
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