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Marriage Breakup - Remortgage Property vs Selling?
AK29
Posts: 2 Newbie
Hello
sadly we’re reaching a stage in our marriage where we feel we need to go our separate ways. We bought a property with a 90% mortgage (10%deposit) two years ago for £360k (it’s probably worth £500k now but all other properties here have gone up in a similar rate so selling isn’t hugely appealing).
sadly we’re reaching a stage in our marriage where we feel we need to go our separate ways. We bought a property with a 90% mortgage (10%deposit) two years ago for £360k (it’s probably worth £500k now but all other properties here have gone up in a similar rate so selling isn’t hugely appealing).
I’m trying to find a solution that works for us all, I like the property we’re in so I’m thinking is there a way I can buy out my partner from the mortgage and she gets a lump sum payment for her 50% share of the property? I’m willing to take a pay more then what I’m currently paying back on the mortgage. I’m totally new to this so not sure how it works.
basically I’d like to solely own the property, I’d like her to have a lump sum payment so she can buy her own place, and I’m happy to increase my monthly costs.thanks
basically I’d like to solely own the property, I’d like her to have a lump sum payment so she can buy her own place, and I’m happy to increase my monthly costs.thanks
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Sorry I should also add, I don’t have six figures laying around to give to her for her share. I would need the bank to do that.0
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A remortgage or further advance with a transfer of equity to remove joint borrower.
Subject to status and affordability, as usual.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
you would need to work the numbers to see of they work
eg is current mortgage is £300k (for workings only) then there is £200k equity so you would need affordability for a £400k mortgage (the existing £300k plus the additional £100k)
Might be worth running the numbers through an online 'what can I borrow' type calculator0 -
So does the soon to be ex have a desire for a cut of the price you paid or the price you could get if you sell at todays prices?
Love is grand; divorce is a hundred grand.
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