Buying out ex partner

soozealooze

My ex partner and I bought our property a couple of years ago putting in equal shares. However, i was overpaying on the mortgage to begin with and put in £7000 more than him. Our deposits were £22500 each with a mortgage starting at £222k on a property we bought for £267k. We split up last year and he moved out. We agreed that i could live in the property until the end of our current mortgage deal and then sell. I really don't want to lose this place though so i want to buy him out. I have another £10k i can put towards it but i am worried that that won't be enough. I only earn £40k/yr so it would be a stretch. I have a year to sort it out. Do i have a hope or do i need to give up on the idea? Any tips on making myself more attractive to lenders? It's all i really have.

dimbo61

Stop overpaying the mortgage.
Build up savings
Check with your current lender how much they would lend you. Online calculator.
Check how much the outstanding balance is ?
Your ex may have to compromise about how much he gets or pay half the selling costs.
Is he paying his half of the mortgage each month ?

soozealooze

Hi,

Thanks so much for the reply.

He stopped paying anything towards the property on moving out. I have stopped overpaying the mortgage and have been trying to save as much as i can.

I am expecting him to pay half the costs if i have to sell completely as it's his fault we are selling! :rotfl:

foxy-stoat

Maximum you would be able to borrow is 5 times your salary - everything going your way on a good day.

Without him taking a big deduction from the equity you will unlikely be able to afford a mortgage of that size in the lenders eyes.

Selling costs will be down the middle if you sold, if you do not sell though there would be no selling costs.