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Buy out my ex when I have a DMP?
Tamworth_2
Posts: 11 Forumite
I have just started a DMP with the CCCS but want to buy out my ex-wife's share of the house. Is this possible?.
The house is worth £135,000.
There is £104,000 left on the mortgage. I need to raise £17,000 to pay her off, so I require a mortgage of £121,000.
I earn £29,000 a year. I pay £317 to my DMP a month (total £44,000) and all the rest of the bills come from my wage.
My new partner earns £16,000 a year and would come in with me.
I have no idea if this is possible or not really so any advice would be great. I would hate to have to sell as it is my daughters home.
Regards - Phil
The house is worth £135,000.
There is £104,000 left on the mortgage. I need to raise £17,000 to pay her off, so I require a mortgage of £121,000.
I earn £29,000 a year. I pay £317 to my DMP a month (total £44,000) and all the rest of the bills come from my wage.
My new partner earns £16,000 a year and would come in with me.
I have no idea if this is possible or not really so any advice would be great. I would hate to have to sell as it is my daughters home.
Regards - Phil
0
Comments
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Any advice at all would be gratefully recieved
Regards - Phil0 -
Anyone?. Please!0
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You should be able to find lenders that could agree this for you.
The rate and mortgage amount offered will depend greatly on your credit history.
Also, your new partner would create a financial association with you and that could affect her credit history
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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