Buying Partner out of owned property - advice needed

super125

Hi My ex partner and I own our home as 50/50 Tenants in Common. He brought in on my property but it has not worked out. 

We have agreed that I will pay him what he paid in initially 165000

Property value - 330000
payment I need to make to him - 165000

my salary: 44669
No debts/loans
i have savings of 20000
my age: 52
2 x dependent children

so i hope i would be able to obtain a mortgage to cover this and then arrange for the transfer of his share of the property to me completing the AP1 and TR1 ourselves so would then just need to arrange our formal ID/ID1 form through a solicitor.

Does this look doable? have i missed anything?

many thanks

DE_612183

is there any outstanding mortgage?

if not then you have got a 50 LTV which is fine, affordability is about 3.5 times your wages - should be ok.

where it may let you down is the "term" - I'm guessing you only want it over 15 years which could impact your affordability - although you can do longer that up to 67, but amount of lenders will be smaller - Nationwide I think do up to 75.

super125

No outstanding mortgage - 100% owned.

last time i had my mortgage with santander and was borrowing beyond 70 but i guess things have changed over the last couple of years.

MWT

super125 said:

No outstanding mortgage - 100% owned.

last time i had my mortgage with santander and was borrowing beyond 70 but i guess things have changed over the last couple of years.

As long as you have a credible income stream it is still possible.