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Buying partner out through existing BTL
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Baluba
Posts: 3 Newbie

good afternoon, I am after some advice from you folks, opinions or info, comments, any 2 cents would be taken with gratitude
my partner and I are separating (amicably) we have a joint mortgage and i am looking to buy him out, he is happy with this. The reason for buy out is we have 2 kids and i would like to retain the family home if i can. So this is a long shot and failing that we will have to sell up
1. apart from mortgaged family home, I have a BTL, mortgage free, i have a tenant living there and ideally i would like to avoid selling it
2. i need a sum of money to buy stbx out (half of the equity of the family home) which i SHOULD be able to get from raising a mortgage on BTL (although rent to income ratio is a tad bit on a low side but doable)
we have a 5 year deal with the current provider, on a very very good rate, 4 years term remaining. I am yet to call them and discuss whether i can retain the product on the current rate and whether i pass affordability (my income x 4 = exactly the mortgage loan remaining = in theory should be ok)
is this worth considering at all, keeping the family home and buying sbtx out? this sounds messy and i will be stuck with 2 mortgages and potentially even a new higher rate product? this is all to minimise the impact on the kids (and maybe just to speed up the process, as the market is a bit stagnant)
I need to call the lender to test waters (on the broker's advice) but is this even imaginable?
please ask if something is unclear, hoping to get some opinions and perhaps someone has been in similar situation, thanks in advance
my partner and I are separating (amicably) we have a joint mortgage and i am looking to buy him out, he is happy with this. The reason for buy out is we have 2 kids and i would like to retain the family home if i can. So this is a long shot and failing that we will have to sell up
1. apart from mortgaged family home, I have a BTL, mortgage free, i have a tenant living there and ideally i would like to avoid selling it
2. i need a sum of money to buy stbx out (half of the equity of the family home) which i SHOULD be able to get from raising a mortgage on BTL (although rent to income ratio is a tad bit on a low side but doable)
we have a 5 year deal with the current provider, on a very very good rate, 4 years term remaining. I am yet to call them and discuss whether i can retain the product on the current rate and whether i pass affordability (my income x 4 = exactly the mortgage loan remaining = in theory should be ok)
is this worth considering at all, keeping the family home and buying sbtx out? this sounds messy and i will be stuck with 2 mortgages and potentially even a new higher rate product? this is all to minimise the impact on the kids (and maybe just to speed up the process, as the market is a bit stagnant)
I need to call the lender to test waters (on the broker's advice) but is this even imaginable?
please ask if something is unclear, hoping to get some opinions and perhaps someone has been in similar situation, thanks in advance
0
Comments
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It sounds like the 2 kids are staying with you, which is why you want to keep the house. Assuming the kids are his then what is he going to contribute towards the upkeep of the kids? Assuming they are under 18 he should really keep paying his half of the mortgage until the kids are adults.
Depending on when you last mortgaged you will probably find that interest rates on mortgages are significantly higher now than the interest you're currently on. You may be able to afford the full mortgage today, what happens when you need to remortgage though?
I know you said it is an amicable split, which is good. I wouldn't let him get away from his responsibilities to his kids though.0 -
El_Torro said:Assuming they are under 18 he should really keep paying his half of the mortgage until the kids are adults.
I agree he should contribute his fair share to the accommodation of the 2 kids.
but why should he pay for the OP to live there?
Why should he pay for whats sounds to be a property accommodating 4 people if there are only 3 living now? why should he pay half the mortage if - potentially - the OP finds a new partner who moves in ...
odd math to say he should keep paying half the mortgage
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Schwarzwald said:El_Torro said:Assuming they are under 18 he should really keep paying his half of the mortgage until the kids are adults.
I agree he should contribute his fair share to the accommodation of the 2 kids.
but why should he pay for the OP to live there?
Why should he pay for whats sounds to be a property accommodating 4 people if there are only 3 living now? why should he pay half the mortage if - potentially - the OP finds a new partner who moves in ...
odd math to say he should keep paying half the mortgage
If the OP sells the property and either downsizes or rents then this may well be more expensive than the option of staying in the current property. Especially since the mortgage is currently on a low interest rate.0 -
You need to look at the whole picture here.
Jobs, Income, PENSIONS ? Savings, equity in both properties ?
Length of relationship and KIDS
A judge will want to make sure the kids have a safe and stable home.
They may not split the family home 50/50
However you also own a BTL property mortgage free.
Really you need to see a family solicitor1 -
Hi guys, i will try to answer all questions in one. small savings, both working full time, kids in primary school, we wanted to share the custody of the kids, 50/50 so i am not expecting him to support me. Current house 50% equity, my own BTL is mortgage free, length of relationship 14 years.
indeed current interest rates are very low hence me trying to keep the same product, but understand that lender may not want to consider it. If not then we sell up and each buy a smaller house (probably paying higher but we are prepared for it).
do you think solicitors and court need to be involved? i did not think of that (only obviously for remortgage) but i will now0 -
Baluba said:Hi guys, i will try to answer all questions in one. small savings, both working full time, kids in primary school, we wanted to share the custody of the kids, 50/50 so i am not expecting him to support me. Current house 50% equity, my own BTL is mortgage free, length of relationship 14 years.
indeed current interest rates are very low hence me trying to keep the same product, but understand that lender may not want to consider it. If not then we sell up and each buy a smaller house (probably paying higher but we are prepared for it).
do you think solicitors and court need to be involved? i did not think of that (only obviously for remortgage) but i will now0
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