Buying an ex out of the house

BrummyBen

I currently share & occupy a house with my ex partner. We own it 50/50. It's worth around £420k and the mortgage is £280k. We're on a standard variable rate as our product expired last year but due to our relationship ending we haven't committed to a new mortgage. Id like to buy her out of the house and could comfortably afford the mortgage payment by myself. However, I don't have the savings to buy her stake out. Is there anyway I can use my half of the equity in the house to buy her out without crippling myself with a massive mortgage? Are there any other ways round this? Thanks in advance & stay safe. 

Thrugelmir

Unfortunately not. Be prepared to downsize when some normality returns. 
With a mortgage of that size. You may find it worthwhile to lock into a new product and obtain a lower interest rate. Using money saved to then overpay the mortgage. Will require some crunching of numbers. To see if it's effective against the ERC that will be levied. Though there's so much uncertainty currently maybe some months before the property is actually finally sold. 

Caz3121

BrummyBen said:

Is there anyway I can use my half of the equity in the house to buy her out without crippling myself with a massive mortgage? 

very simply - discounting fees etc....
current mortgage £280k, half equity to be added to mortgage, £70k = new mortgage £350k. 
what figures are you getting from mortgage calculators based on your income and circumstances?