Can my boyfriend buy me out?

truffles2220

Two years ago my boyfriend and I bought our first house for £165k. I put 20% deposit down myself, he did not contribute to the deposit. Although I didn't 'protect' it, in that I didn't do a deed of trust and it wasn't declared in any way that the 20% solely came from me.
We have been paying the mortgage payments equally since then.
The house is now worth £190k. We are splitting up. I want to move out, and my boyfriend wants to stay in the house. Is there a way he can remortgage to buy me out and give me back my original 20%? The affordability for him will be OK.
Who should I ask for further advice on this - our mortgage advisor, a solicitor? A special kind of solicitor? I don't know what to do.

molerat

You need to come to an agreement over price and how much you should receive then speak to a mortgage broker.

getmore4less

if you want your 20% and 1/2 the equity gained then he will be looking at around £177500 less 1/2 what you have paid off the mortgage.

LTV 93% or say 1/2 £10k paid off just over 90%

lee111s

Do you want your initial deposit amount (£33k) back plus half of the equity you have gained or do you want 20% of the current house value (£38k) plus half of the equity you have gained since buying?


Unless he's on 40K plus I doubt he'll get a mortgage on his own for the amount he'll need. You might be better off selling the property and going your separate ways.


Either way, he's going to need to get a mortgage for about £170K - would need to be earning around £40k per year to get a mortgage of that size, that would be without any other credit commitments such as loans/credit cards etc.