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Getting mortgage to buy out partner on non-mortgaged property
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notsoclever
Posts: 5 Forumite
Hello,
My partner & I have agreed financial settlement terms for divorce which include me giving him a lump sum to buy him out of the house. We have no mortgage as paid it off a few years ago. The mortgage would be less than 25% of the value of the house and I have a good income so can afford it. I'm just a bit mystified as to how to go about getting the mortgage as the last time I got one was about 25 years ago! All the guides etc refer to a new buyer or remortgaging - I'm neither of those!! Also we are joint tenants - will this be a problem?
Any help or guidance will be very gratefully received!
My partner & I have agreed financial settlement terms for divorce which include me giving him a lump sum to buy him out of the house. We have no mortgage as paid it off a few years ago. The mortgage would be less than 25% of the value of the house and I have a good income so can afford it. I'm just a bit mystified as to how to go about getting the mortgage as the last time I got one was about 25 years ago! All the guides etc refer to a new buyer or remortgaging - I'm neither of those!! Also we are joint tenants - will this be a problem?
Any help or guidance will be very gratefully received!
0
Comments
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You are remortgaging an unencumbered property to purchase the equity of a departing proprietor.
This will involve a transfer of equity which will see the title altered from joint to sole.
Fairly standard process for a broker, or for you if you fancy doing it direct.
There should be a free valuation and some element of "free legals" but the transfer of equity cost will fall to you. Ex-partner will be advised to get separate legal advice.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.0 -
Oh great! "Fairly standard" is reassuring - thank you kingstreet.0
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notsoclever wrote: »Oh great! "Fairly standard" is reassuring - thank you kingstreet.
Fairly standard process for a brokerI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Ah yes I did note that amnblog - I have no intention of doing this myself!!0
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