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Separation - need to find £25K for mortgage
scoobie
Posts: 277 Forumite
Hi
Need some advice for a neighbour.
Situation is the couple are separating, and need to split the house + profits.
Whats the possibility of one of them staying in the house and buying the other one out?
The mortgage is affordable on one salary, just about, the issue is how to pay out the profits which would mean going to 110% mortgage. Would any building society look kindly on that situation? Current mortgage provider is Scottish Widows.
So the issue is how to buy the other party out, ie give them the profits on the house at the same time as keeping the house. Its already a 100% mortgage with not much equity paid off. Any bright ideas anyone?
Since it was bought the house hasn't made much profit, maybe £25K, would an option be to revalue the house and extend the existing mortgage?
Then could the person staying keep the one mortgage on the one salary? or are we looking at a completely new mortgage here (it is currently in both names)?
Any advice appreciated
Need some advice for a neighbour.
Situation is the couple are separating, and need to split the house + profits.
Whats the possibility of one of them staying in the house and buying the other one out?
The mortgage is affordable on one salary, just about, the issue is how to pay out the profits which would mean going to 110% mortgage. Would any building society look kindly on that situation? Current mortgage provider is Scottish Widows.
So the issue is how to buy the other party out, ie give them the profits on the house at the same time as keeping the house. Its already a 100% mortgage with not much equity paid off. Any bright ideas anyone?
Since it was bought the house hasn't made much profit, maybe £25K, would an option be to revalue the house and extend the existing mortgage?
Then could the person staying keep the one mortgage on the one salary? or are we looking at a completely new mortgage here (it is currently in both names)?
Any advice appreciated
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