Advice on taking on the mortgage myself

nickybeal

Hello,

I just need some advice is possible.

Short story is that I split up with my partner of 18 years in March and have been living with my parents since and he's living in the house. He intended on staying in the house and then getting the house valued etc so that he could give me my share. He now says that he can't afford it and is going to stay with his parents after selling the house.

I'm now wondering if I can afford to keep the house myself. The amount left on the mortgage is £38,493 and we have 9 years left to go. The house has had two valuations one of £85,000 and one £105,000 so very different. As they're so different I don't know how much I would offer him if I was to buy him out! Do you think I need another valuation? The £105,000 is for if the house is decorated which it needs a lot doing to it, my parents say I could make him an offer but I have no idea how much to offer!? Also I if I add the amount onto the mortgage I don't know how much my monthly payments would go up, I'm going to get an appointment at the bank but it's so long winded! Would it be better to mortgage it again?

Thank you for in advance for any advice you can offer :-)

Nicky

glentoran99

nickybeal wrote: »

Hello,

I just need some advice is possible.

Short story is that I split up with my partner of 18 years in March and have been living with my parents since and he's living in the house. He intended on staying in the house and then getting the house valued etc so that he could give me my share. He now says that he can't afford it and is going to stay with his parents after selling the house.

I'm now wondering if I can afford to keep the house myself. The amount left on the mortgage is £38,493 and we have 9 years left to go. The house has had two valuations one of £85,000 and one £105,000 so very different. As they're so different I don't know how much I would offer him if I was to buy him out! Do you think I need another valuation? The £105,000 is for if the house is decorated which it needs a lot doing to it, my parents say I could make him an offer but I have no idea how much to offer!? Also I if I add the amount onto the mortgage I don't know how much my monthly payments would go up, I'm going to get an appointment at the bank but it's so long winded! Would it be better to mortgage it again?

Thank you for in advance for any advice you can offer :-)

Nicky

Split the difference, Say valued at 95,000 - £38493


Equity 56507


Offer him 25k


You will need to mortgage again otherwise how will you fund it? and get his name off the mortgage


You would then need a mortgage for £63,493

nickybeal

Sorry yes of course I need to mortgage again, I'm forgetting :-) thank you that's very helpful! I'm just not sure how much the monthly payments would be for a mortgage of that amount and if I can afford it. I don't want to lose out. I was thinking of loaning an extra £10,000 to get some repairs etc done so it would be £73,493...

getmore4less

How much do you earn.

How old(that will limit the term)

As a VERY rough guide

You would be doubling the mortgage so double the cuurent payment for the same interest rate and term.

extend the term to 23 years too 1/2 it again

nickybeal

Hi!

Thank you for your reply, I earn £22,500 and I'm 41. I did a mortgage calculator on here and I think it would be best to have it at 25 years rather than stay at 9.

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