Buying a pertner out of the mortgage

flambo33

So me and my partner are going through some difficult times & things are not looking good. I want an plan in place so i know where i stand if things come to an abrupt halt. excuses what may be stupid questions requiering simple answers, but I'll try to keep things simple.

Our mortgage is sitting at around £101,500
Our property (currently under renovation) is valued roughly at £122,000

Giving an LTV of 83% ish

she owns half the equity & the bank said i need 80% LTV to borrow more for this purpose, How much roughly would i actually need to borrow extra to buy her out? Roughly £10,250?

the bank said that's when she'll come off the mortgage too, but does that also mean she'll stop owning half the house, or will i have to do that seperately through a solicitors? & how much is all that likely to cost?

any advice would be great as I'm struggling to thing straight and absorb information!! :(:(

Thrugelmir

At your current estimate value. The bank will advance you a new mortgage of £97,600. So not only do you need to find the funds to buy your ex out. You'll also need another £3,900 to reduce the existing mortgage.

Your lender will require you to use a solicitor for the transaction.