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  • FIRST POST
    • rufus86
    • By rufus86 19th Jun 17, 2:53 PM
    • 60Posts
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    rufus86
    Switching partners on mortgage?
    • #1
    • 19th Jun 17, 2:53 PM
    Switching partners on mortgage? 19th Jun 17 at 2:53 PM
    Hi

    Is this an actual possible thing?

    I own a property with my sister and we would like to do the following:

    1) Buy my sister out by releasing equity in the property and giving her the cash
    2) Add my partner to the mortgage, thus taking a new mortgage (or updating the existing mortgage) with the added money we would borrow after equity release

    231,000 currently owed on mortgage
    Property now valued at 490,000
    Looking to release 50k in equity

    Thanks
Page 1
    • Caz3121
    • By Caz3121 19th Jun 17, 3:04 PM
    • 11,185 Posts
    • 7,340 Thanks
    Caz3121
    • #2
    • 19th Jun 17, 3:04 PM
    • #2
    • 19th Jun 17, 3:04 PM
    231,000 currently owed on mortgage
    Property now valued at 490,000
    Looking to release 50k in equity
    Originally posted by rufus86
    based on your figures there is 259k equity in the property
    is there an unequal split in ownership? - 50k to your sister 209k to you?
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