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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

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jackieblack Posts: 10,318 Forumite

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

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