Opinions needed please!

YourLittlePony

Hey all!

I'm in a bit of a complex situation so i will try to keep it simple ...

I live in a house that is owned jointly by myself and my ex-husband. I want to buy him out.

The outstanding mortgage is £63k, the house was valued recently around £81k.

I owe my ex-husband £5k for separate reasons. My income is £25k. I also receive child benefit for my two children (with my new husband) which comes to £1620 p.a.

I currently owe around £5k on a loan and have about £400 on a credit card whose limit is £500. Everything gets paid on time and I've never missed a payment for anything. My experian credit rating is 'fair'.

I want to buy this house off my ex by remortgaging, but I need to give him half the profit plus £5k ideally. My new husband is not able to be part of the new mortgage.

Looking at the numbers does anyone feel this might be possible? I have a sinking feeling about it all ...

Thanks for your friendly and constructive opinions in advance!!

getmore4less

Trying to borrow £63k + ((£81k-£63k)/2)£9k + £5k = £77k on £81k value is just over 95% LTV.

Thats a tough one.

You seem to be tight with the cuurent mortgage payment so how are you going to afford one nearly 25% bigger?

YourLittlePony

Hey,

Thanks for replying! A bit more context - I've spent most of the last two years on maternity leave but I go back to work full time on Monday (gulp).

I get a bonus for returning to work which will clear my credit card off and a little bit of the loan. I also have a few hundred in savings to bring the loan down a bit. I kept the savings separate during my mat leave in case any cash emergencies arose - thankfully they didn't.

If it is not possible to borrow the extra £5k I don't need to. Our divorce was amicable and my ex is happy to wait a little for the money but obviously I want to pay him back sooner if I can.

I don't really feel like we are terribly tight for money as it is - we are starting a regime now of cutting out luxuries and there is quite a lot to cut.

I didn't mean to give the impression that it was difficult to make payments for things. My husband also works full time, so £25k is not our only income.

Thanks!

getmore4less

My new husband is not able to be part of the new mortgage.

My husband also works full time, so £25k is not our only income.


do you want to count it or not?

YourLittlePony

He is not going to be on the mortgage just like he currently isn't.

His income pays for other things so that I don't have to, like childcare.

So in short, no his income won't count.