Possibility of buying out ex from our mortgage

jamint

My ex-girlfriend and me took out a joint mortgage in 2013, but we broke up in late 2016. She moved out at the time and I remained in the house. Since then she continued to pay half of the mortgage, and I paid for the other half and all other house related expenses.

The mortgage itself was for £147,000. The house cost £185,000 but we paid off the differential with lump sum/deposit - I put in £22,000 and my ex-girlfriend put in around £19,000.

The remaining mortgage outstanding on the property today is £137,500, but the house itself has gone up in value and is now worth around £270,000. We actually renewed the mortgage in November 2017 for 2 more years, just to give us breathing space to work out what to do next.

We're still on very good terms, and tentatively talked this week about our options. We are keen to be fair to each other and split house profit 50/50. She has no intention on returning to live in the house, but I would be happy to remain there. As such, I'm considering my options. Selling is one option. Ideally though, I would like to buy her out and take over the remainder of the property. I'm not sure at all if I will be able to afford doing this and as such my head is spinning with all the sums!

Would anybody be able to give me a rough figure of what I'd need to come up with?

Many thanks for any help.

scotsilk

jamint wrote: »

My ex-girlfriend and me took out a joint mortgage in 2013, but we broke up in late 2016. She moved out at the time and I remained in the house. Since then she continued to pay half of the mortgage, and I paid for the other half and all other house related expenses.

The mortgage itself was for £147,000. The house cost £185,000 but we paid off the differential with lump sum/deposit - I put in £22,000 and my ex-girlfriend put in around £19,000.

The remaining mortgage outstanding on the property today is £137,500, but the house itself has gone up in value and is now worth around £270,000. We actually renewed the mortgage in November 2017 for 2 more years, just to give us breathing space to work out what to do next.

We're still on very good terms, and tentatively talked this week about our options. We are keen to be fair to each other and split house profit 50/50. She has no intention on returning to live in the house, but I would be happy to remain there. As such, I'm considering my options. Selling is one option. Ideally though, I would like to buy her out and take over the remainder of the property. I'm not sure at all if I will be able to afford doing this and as such my head is spinning with all the sums!

Would anybody be able to give me a rough figure of what I'd need to come up with?

Many thanks for any help.

I am no expert, but I have done this, i.e. bought out an ex-partner. In my case it basically boiled down to repaying my ex 50% of the equity increase, plus his original contribution.
From your figures, the increase is £85,000, so 50% would be £42,500 plus your ex's initial £19,000, i.e. £61,500, to be added to your current mortgage amount or as a remortgage.
I raised the amount I had to pay by a remortgage,
I hope you and your ex are able to sort this out. Having been through it, I know how confusing and stressful it is. Best wishes to you both.

jamint

Thanks so much scotsilk, that's really useful advice and kind words as well. I've no knowledge of how easy a remortgage would be, but I'll certainly look into it. I've kind of resigned myself to us probably having to sell the house, as I just don't have the £60k+ I'd need to buy her house, which is a big shame but I guess is life. As you say, it is a confusing and stressful situation which is why I'm glad we are still on very good terms (for now!). What will be will be.
Thanks again for your post

YHM

Realistically to raise the remortgage, you will need an income of circa 45 - 50k in your sole name.

If this isn't achievable, then yes, selling the house will be the likely outcome.