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Buying on the ex
Me12
Posts: 2 Newbie
I need some help with loans. Please help!
So I've found a broker who can provide me with the mortgage I need to cover the house (I'll be a low income parent working with benefit top ups). The thing is raising the funds for the buy out. It's not a crazy amount but not exactly pocket change.
The thing is, I read somewhere that there was a government scheme or something where you could pay back the amount loaned to you for buying out an ex?! I can't find it now, did I dream it?!
So I've found a broker who can provide me with the mortgage I need to cover the house (I'll be a low income parent working with benefit top ups). The thing is raising the funds for the buy out. It's not a crazy amount but not exactly pocket change.
The thing is, I read somewhere that there was a government scheme or something where you could pay back the amount loaned to you for buying out an ex?! I can't find it now, did I dream it?!
0
Comments
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I think you have misunderstood/dreamt it.
You would need to borrow the amount to pay your partner out if you don't have this. Your mortgage broker will need to account for this additional loan if it is not part of the mortgage to factor into your affordability.0 -
There has never been any such scheme available that I can remember...
If you don't have cash to hand, the amount would generally be factored into the overall mortgage amount. If that's not possible (e.g. because you would fail to meet affordability criteria), you'll need to look into other ways of raising the cash amount, like borrowing it off a parent or similar.0
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