We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
can i buy my ex out and remortgage by myself?
juleslovesshoes
Posts: 1 Newbie
I've separated from my husband and want to buy him out of our house. my current mortgage is circa 140,000 and I need to give him 25,000 equity. I earn around 20,000 and also get tax credits etc and can pay our current repayment ok. I have been told my current lender the bank of scotland that I can't remortgage by myself even though I can make the payments ok as my income isn't enough on it's own. Is there a way around this so we can both move on and get on with our lives? Can I include getting a lodger in as additional income?
Any advice gratefully received as am thinking there must be a way around this!!
PS my credit ratings not too good at the moment...
Any advice gratefully received as am thinking there must be a way around this!!
PS my credit ratings not too good at the moment...
0
Comments
-
I don't think anyone will lend to you with the current turmoil but worth asking a mortgage broker anyway.
Selling up and renting privately may be the only option.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Unless the tax credits are a large amount I would say no. Can you down size?
0 -
Sorry to hear about the seperation. I went through the same some 4 years back, and the only way my bank (Royal Bank of Scotland) would allow the mortgage to be so big was to take into account the child maintenance money from my ex and income from a lodger, in addition to my salary which was around £50k at the time. After buying him out there was still a lot of equity in the property though, around £150k, so the mortgage still wasn't a high % of the property value. It was, and is still a hefty mortgage - £180k at the time, now down to £155k. I have to say though that in the current climate I should imagine that the lenders are erring on the side of caution.
Be interesting to see what the experts say.
I hope it works out well for you0 -
could you ask mum and dad if still working ? to act as guarentors ( have i spelt that right !)
same with sisters/brothers always worth a try.
GOOD LUCK0 -
...or keep your self respect and stand on your own two feet.
It is unfair to ask others to risk their financial stability IMHO.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards