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Wanting to buy partner out of the property
mushy220
Posts: 5 Forumite
Hi everybody,Im new here and I need abit of info please.
I was wandering if anyone could help me.My partner and I bought our house in May 2006.we took out a 95% mortgage and my partners parents gave us £5000 as deposit.(We drew up an agreement so if the property was sold he would get £5000 more from the profit).With loans of £5,000 and £6,000 taken out on top of the mortgage we now have £110,600 outstanding to pay the original mortgage was £99,500.We have recently split and wandering where to go from here.I earn £200 a month more than my partner,would I be able to buy him out of the property.I dont understand how this process works and would be grateful if anyone could explain it to me.Also I plan to sell the house eventually after maybe a year or a year and a half down the line.Would it be more beneficial to change the mortgage to an interest only one if this is possible (its repayment at the mo).Would this cut the payments down abit.Any help appreciated,thanks :huh:
I was wandering if anyone could help me.My partner and I bought our house in May 2006.we took out a 95% mortgage and my partners parents gave us £5000 as deposit.(We drew up an agreement so if the property was sold he would get £5000 more from the profit).With loans of £5,000 and £6,000 taken out on top of the mortgage we now have £110,600 outstanding to pay the original mortgage was £99,500.We have recently split and wandering where to go from here.I earn £200 a month more than my partner,would I be able to buy him out of the property.I dont understand how this process works and would be grateful if anyone could explain it to me.Also I plan to sell the house eventually after maybe a year or a year and a half down the line.Would it be more beneficial to change the mortgage to an interest only one if this is possible (its repayment at the mo).Would this cut the payments down abit.Any help appreciated,thanks :huh:
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Comments
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To buy him out you would have to show your lender that you have sufficient income to support the mortgage on your own.
Are the loans secured on the property? Are they in joint names?
I think you have a bit of a problem here as there is no equity with which to repay the initial deposit, so any agreement based on the first £5k of property is irrelevant.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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