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Release Equity to Buy Out Husband
Mrs_CP
Posts: 50 Forumite
I am hoping for a little guidance - this is a very new and difficult situation for me.
My husband and I have decided to separate. We moved into our new home last spring and both names are on the mortgage. We have about £60k equity in the house and I can comfortably afford the mortgage payments myself. I want to do right by him and, when the time is right, agree a sum to buy him out of the property and change it all to my name. Based on the finances and background involved, I don't think he would expect much more than £10k.
What happens in these situations? Do you look to increase the mortgage or apply for a loan secured against the house?
My husband and I have decided to separate. We moved into our new home last spring and both names are on the mortgage. We have about £60k equity in the house and I can comfortably afford the mortgage payments myself. I want to do right by him and, when the time is right, agree a sum to buy him out of the property and change it all to my name. Based on the finances and background involved, I don't think he would expect much more than £10k.
What happens in these situations? Do you look to increase the mortgage or apply for a loan secured against the house?
0
Comments
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You would effectively apply for a remortgage in your sole name and increase the mortgage upto the size that you need to release the equity that you both agreed for him to be removed from the deeds.
Trust this makes sense....I 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 advice0
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