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Helping daughter keep her house?
Jet
Posts: 1,652 Forumite
My step daughter is going through a divorce. She lives in a mortgaged home that she shared with her ex who moved out last month.
My partner wants to try and help keep her in her home and is wondering if he can "take on" the ex's share of the mortgage as she can't afford the mortgage on her own? My thinking is that the current joint mortgage between SD and her husband will need to be repaid and then a new mortgage taken out in SD and partners name? He already has a mortgage on a rental house he doesn't live in but has lots of equity in it as mortgage is only about 25% of value.
Her soon to be ex husband will need his share of equity from the house which is going to be around 10k depending on valuations.
I am not sure if this will work. My partner is in his early 50's and won't be living there so will he need a buy to let mortgage? Whereas she wouldn't need it for her share of the mortgage?
Thoughts please?
Thanks.
My partner wants to try and help keep her in her home and is wondering if he can "take on" the ex's share of the mortgage as she can't afford the mortgage on her own? My thinking is that the current joint mortgage between SD and her husband will need to be repaid and then a new mortgage taken out in SD and partners name? He already has a mortgage on a rental house he doesn't live in but has lots of equity in it as mortgage is only about 25% of value.
Her soon to be ex husband will need his share of equity from the house which is going to be around 10k depending on valuations.
I am not sure if this will work. My partner is in his early 50's and won't be living there so will he need a buy to let mortgage? Whereas she wouldn't need it for her share of the mortgage?
Thoughts please?
Thanks.
0
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