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mortgage advice
knighty1
Posts: 38 Forumite
i currently share a mortgage,but my hsuband wants me to buy him out .i have only been working a month or so but have an income of 21,000.00 annually. the house has a existing mortgage of £31,000.00 with 12 years left to pay. but i would need to get a mortgage topped up to £56,000 as he wants me to buy him out for £25,000.00
the house is valued at £95,000.000 and watever it would go over the asking price if it were to be sold ..do you think i'd get a mortgage or am i clutching at straws here?..building up my hopes that i might be able to buy him out when in reality i have no chance,,any advice would be gratefully appreciated....thanks
the house is valued at £95,000.000 and watever it would go over the asking price if it were to be sold ..do you think i'd get a mortgage or am i clutching at straws here?..building up my hopes that i might be able to buy him out when in reality i have no chance,,any advice would be gratefully appreciated....thanks
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Comments
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Are you buying him out because you are splitting up?
I'd ask him to take less due to the current climate as you could buy him out as the house is about to drop, leaving you with a situation where he has all his money and you don't have the same equity in the house.
You aren't going for a 50/50 split of the equity, but when you consider legal and valuation fees etc, you're not far off.
That issue aside, I would say you won't have a problem getting a mortgage.I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0 -
2.5 to 3 x your income. So no problems there. Do you have kids?0
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i have 3 kids,2 daughters to my first husband and a son to guy i am seoerated from now.he doesnt pay or hasnt paid a peny since we plit 15months ago,and the house is empty and he is only now offering me to buy him out.as he lives with i=his girlfriend and 2 kids0
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The fact that you have 3 kids will work against you income wise as you are not getting maintenance. Get the support agency involved to dock his pay for your sons maintenance.
Get a solicitor and let him work out how much your ex is entitled to. Then offer that. Also go to CAB to ask for advice.0 -
he earns £25000 annually and the csa has said he is to under assestment.and because i put my trust in him,i am only entitled to csa from last week,when i phoned asking why he hadn been paying .my error now.,.if i'm not allowed to buy him out then i'm not ,,,easy at that,its his kid he is affecting ,,,0
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