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How to buy out your partner in a mortgage

rocco70 · 2020-03-30 14:21:53

Can anyone give me any idea how much it would cost me to buy me x partner out of are mortgage we have five yrs and 9 months left to run on it we still owe £34000 and house was £90000 just need some idea how much is it gunner cost and how they work it out thank you if any body can help it would be appreciated

Comments

jackieblack Posts: 10,697 Forumite

31 March 2020 at 8:10AM edited 31 March 2020 at 8:14AM

chrisw said:

In simple terms it will their share of what's paid off. So £90k less £34k is £56k.

If you own half each that's £18,000 each. So to buy them out you will have to pay them £18,000. So you will need a mortgage of 34+18= £52,000.

Half of 56 is 28 (not 18)
£34k + £28k is £62k

Of course, those figures only apply if the current house value is £90k, but the same principle still applies

Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end

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