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Buying house from ex partner

Beveve
Beveve Posts: 4 Newbie
Seventh Anniversary Combo Breaker
in Mortgages & endowments
Hi,

Some help please. Need to get a mortgage to buy out ex partner but i dont earn enough to do it on my own. With ex being difficult, its taken a while but my brother has come in to help me out but as it is now being seen as a 'second home' for him, we face greatly increased stamp duty? is there any help/solutions for people like me? I cant afford the extra stamp and neither can or should he???? HELP, i might lose the house.

Comments

  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Can ex buy you out? Then you start again. Or sell I guess.
    I am not a cat (But my friend is)
  • Beveve
    Beveve Posts: 4 Newbie
    Seventh Anniversary Combo Breaker
    No, they wont. prefer to see me fail. And they now have their own house.... :-(
  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Beveve wrote: »
    No, they wont. prefer to see me fail. And they now have their own house.... :-(

    So ex has already paid the extra stamp duty on a new place? Or was it before the new rules started?
    I am not a cat (But my friend is)
  • kingstreet
    kingstreet Posts: 39,436 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Your brother needs to be a borrower and not an owner to avoid the SDLT surcharge.

    It's called "joint borrower/sole proprietor" and is how traditional guarantor products were set up.

    You need an independent broker for this.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Beveve
    Beveve Posts: 4 Newbie
    Seventh Anniversary Combo Breaker
    So i can do 98% of the mortgage and my brother can help with the 2% and he will not get stung for 'Stamp Duty' as it wont be seen as a second home for him, if i use this route? sorry for the question if it seems obvious :-)
  • kingstreet
    kingstreet Posts: 39,436 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    98%? 2%?

    What is that for?

    A mortgage is joint and several, there is no "my share, your share." The lender will come after whoever has the ability to pay and all borrowers have a 100% liability.

    Joint borrower/sole proprietor, you will own the property and he won't.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Beveve wrote: »
    No, they wont. prefer to see me fail. (

    To be honest not their problem. In their position I would want to be removed from the mortgage pronto.
  • Trying_to_be_good
    Trying_to_be_good Posts: 1,989 Forumite
    Part of the Furniture 1,000 Posts
    If you can afford 98% of the house, can your ex just accept that amount?
    Mortgage Free thanks to ill-health retirement
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Beveve wrote: »
    So i can do 98% of the mortgage and my brother can help with the 2% and he will not get stung for 'Stamp Duty' as it wont be seen as a second home for him, if i use this route? sorry for the question if it seems obvious :-)

    Can't your brother just give you a small lump sum which you repay some time later maybe when you sell or remorgage ? Then you can afford 100%.
  • Richey_
    Richey_ Posts: 334 Forumite
    Have you only 3% towards the asking price as a deposit?
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