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New to buy partner out but no income
calashcalash
Posts: 5 Forumite
Hi, this might sound a stupid question and most will say sell the house - but there must be a way. Been with partner nearly 30 years, separating and for a list of reasons would like to stay in the house one being my son still lives here (over 18). Is there a way of remortgaging to give him the money to go without having an income. Will be finding income
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I'd be surprised if you can do this with no income - how would you repay the mortgage?
Find a job, and get some income first.2 -
I doubt this would be possible. When me and my ex split, the original idea was I would buy her out, but they wouldn't accept it on the level of my solo wages. (Was full time on decent wages)
I doubt they would let you with no income at all.
Debt Free as of 17/01/2009 Turtle Power!!
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Equity release if you are old enough. Or finding someone else to go on the mortgage with you (2 borrowers, one owner).I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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With no income then you will struggle.How would you make repayments?I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
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***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 19months left.2 -
calashcalash said:Is there a way of remortgaging to give him the money to go without having an income. Will be finding incomeGenerally have to do it the other way around, first get income then borrow the money...... but let's try to understand the scale of the problem, how much do you need to buy him out?What is the property worth and is there any mortgage or loan secured against it at the moment?As mentioned above, if you are 55+ then equity release is a possibility, but should be considered as the last option.You mentioned your son as being over 18, is he working with a good salary perhaps?
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Even without a 'good' one, if there is a salary it should be used to contribute etc.
If there is no income from him either how would it be paid back ?0
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