Buying partner out of mortgage

Darkie · 13 July 2017 at 8:53AM

Hi all,

So, my wife and I have split up after 14yrs together and 4yrs in our current house, 5 in our previous. It's all amicable and we're keeping everything friendly by not involving solicitors or anything. We have 3 kids and don't want to sell the house quite yet, so the kids still have their home and their 'constant' but she is moving into a rental property this week and asked if I would consider buying her out.

Honestly, I know nothing about how to go about it.
The house was bought for 210k and the mortgage is probably for around 160k, but the value of the house has gone up to just over 300k judging by the houses around. Am I right in thinking that I would need to come up with half of the equity to buy her out?
So about 70k and then would I have to get a new mortgage of 230k? At the moment I can afford the monthly repayments on my own but it would be very tight paying repayments on a 230k loan on my own.

Any advice would be great!

TrickyDicky101 · 13 July 2017 at 9:53AM

You essentially have it correct. You would need to pass a lender's affordability criteria to qualify for a mortgage at such a level and there is no guarantee you would do so.