We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying out wife
Options
Gts1971
Posts: 5 Forumite
I am currently going through a divorce with no children involved.
I am a 52 year old looking to buy out partners share of property but am struggling to get a mortgage on affordability. The property has been valued at £280000 with an existing mortgage of £65000 so would be looking to borrow an additional £107000, the most I seem to be able to borrow on my income is £150000 so there is a shortfall of around £22000.
I currently have no other debts ie credit cards, loans up etc and I intend to stay in this home and not move in the future. Ideally I would like to either sell a % of the property & pay rent or sell the entire property and pay rent but I believe this is a risky thing to do as you could still be evicted.
Any suggestions or thoughts would be greatly appreciated.
I am a 52 year old looking to buy out partners share of property but am struggling to get a mortgage on affordability. The property has been valued at £280000 with an existing mortgage of £65000 so would be looking to borrow an additional £107000, the most I seem to be able to borrow on my income is £150000 so there is a shortfall of around £22000.
I currently have no other debts ie credit cards, loans up etc and I intend to stay in this home and not move in the future. Ideally I would like to either sell a % of the property & pay rent or sell the entire property and pay rent but I believe this is a risky thing to do as you could still be evicted.
Any suggestions or thoughts would be greatly appreciated.
0
Comments
-
Any particular reason why you don't just sell up and buy or rent somewhere else nearby? That would probably be the simplest option tbh.0
-
Why have two threads open???0
-
Negotiate with your ex. Maybe he will take less equity in order to have a clean break? Another option would be to agree to pay the £22k at a future date when the property is sold.
I wouldn't be starting at £280k. I would look for a realistic quick sale price and discount it by the fees (legal and estate agent) that you would incur by selling. So a quick sale may be £265k, selling costs of |£3.5k, legal costs |£1.5k. Any mortgage redemption penalties? So already you are at £260k, less the £65k mortgage gives you £195k equity or £97.5k each, Add that back on to the mortgage and you have £162.5k. Now you are only £12k short. Can you borrow this elsewhere or promise to pay over a few years?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 -
Exploring alternative financing options or consulting a financial advisor could help address the £22,000 shortfall in your property buyout during your divorce. Consider carefully before selling a percentage or the entire property to avoid eviction risks.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards