Buying ex's half of the mortgage.

protonus

Hi Everyone,

I hope I am in the right place. I want to purchase the half of the mortgage from my ex, the house is valued at £500k and the outstanding balance to pay is £115k, the house was bought for £260k 10 years ago. I earn £35k a year and to buy his half I have to have a mortgage of at least £280k, but I do not earn enough to have a mortgage of £280k. I currently have a lodger that pays £675 a month for a room which goes towards his half as he has moved out already. I would like to really stay in that house, so what options would I have to be able to purchase his half of the mortgage? Or what ideas do you guys have?

Thanks.

Mortgage_Adviser

Is there any one else who could go on a mortgage with you?


With your income even if the rent from the lodger is taken in to consideration you would not be gettimg anywhere near 280k More like cirak 190 at the very best.

And this is assuming you have no debts and no kids.

protonus

Could I do a re-mortgage of the house and take out more on the re-mortgage? Would that be possible?

kuratowski

You could probably take out more, but not as much as you need. Sorry, it looks as if you can't afford to purchase your ex's half.

foxy-stoat

You need another income - you will have to sell it and buy somewhere you can afford.

Thrugelmir

Your plans are a total non starter.