Daughter raising mortgage to buy out husband's share of property

Clare35

Hi,

This is a theoretical question as we are looking at all options.  My daughter would be a first time buyer.  Our current property is worth approx. £250k.  We are mortgage free.  Both myself and husband are on deeds and are separating.  If possible I would like to stay in the property and my daughter has suggested buying her dad's share so he can move on and she can continue to live in the property with me.

Would be possible?

With thanks, Clare 

K_S

@clare35 As long as your daughter+your income is sufficient to support the size of the mortgage required, there should definitely be options to achieve the outcome desired.

If she gets on the deeds, she will lose her FTB status though. This can be avoided by using Joint Borrower Sole Proprietor products where she'll be jointly responsible for the mortgage but won't go on the deeds. 

Edi81

Has your daughter thought about what happens if she doesn’t want to live with mum in the future? What if she meets a partner/has children?

Buying a house is a long term commitment - please make sure your daughter really considers everything before doing anything. 

SuseOrm

I think it can work for you and what you’re looking for is a concessionary mortgage of which there are not many around, however as others have said really the right thing to do because she will lose her first time buyer status by doing this good deed would basically be for you to cover her stamp duty next time she moves.  

MovingForwards

Is it possible to negotiate with your ex?

The starting point for a divorce, after more than 2 years of a marriage, is 50% of everything you both own.

Perhaps he has a bigger pot of savings, pensions or other assets to be split with you, compared to what you have to be split with him. You can suggest he keeps more of his pots and you have all the house.

Have a look on the relationships board as there's plenty of threads discussing splitting up and apportioning assets.

Clare35

Thank you for your replies.  My daughter is currently discussing moving away with her boyfriend so the above scenario most likely will not happen.  Thank you anyway.  Best wishes, Clare