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Husband Buyout
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What is the Best way to buy out my ex husband. My income is low but I don't want to lose my house. There is 10 years outstandind on existing interest only mortgage, with isa's to back it up. Please help I'm at a loss.
Andi
Andi
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One first step is to find out how much you actually owe to the bank, often people owe far more than they think especially if there have been any arrears, early repayment penalties etc...
I'm guessing it will be likely to be quite high with an interest only mortgage.
Once you have established that and taken into consideration any other charge secured against the property check valuations for properties similar to yours in the area or have a chat with an estate agent to see what your property would be worth on the current market (especially in the current market!).
That should give you an idea as to how much equity you may have left in your home and the kind of loan a mortgage lender may be able to give you.
What kind of amount would your husband be looking at money wise to leave the property?
Would a remortgage cover this? Could any ISA amounts in your name be taken into consideration?
You could approach your current mortgage lender to see if they would be willing to remortgage the property to you if you had it transferred into your sole name.
They will need to take into account the current amount outstanding and their lending criteria based on the value of the property.
You could also check the market to see if there are any better mortgage deals about. Make sure you get a full illustration though.
Could you afford the repayments on your own? How much of your working life do you have left to pay back a mortgage?
A transfer of this nature is quite cheap to do (beware if free legals as they may charge extra for doing the transfer and if their fees for add ons are steep it can be cheaper to use your own solicitor).
I'm guessing it will be likely to be quite high with an interest only mortgage.
Once you have established that and taken into consideration any other charge secured against the property check valuations for properties similar to yours in the area or have a chat with an estate agent to see what your property would be worth on the current market (especially in the current market!).
That should give you an idea as to how much equity you may have left in your home and the kind of loan a mortgage lender may be able to give you.
What kind of amount would your husband be looking at money wise to leave the property?
Would a remortgage cover this? Could any ISA amounts in your name be taken into consideration?
You could approach your current mortgage lender to see if they would be willing to remortgage the property to you if you had it transferred into your sole name.
They will need to take into account the current amount outstanding and their lending criteria based on the value of the property.
You could also check the market to see if there are any better mortgage deals about. Make sure you get a full illustration though.
Could you afford the repayments on your own? How much of your working life do you have left to pay back a mortgage?
A transfer of this nature is quite cheap to do (beware if free legals as they may charge extra for doing the transfer and if their fees for add ons are steep it can be cheaper to use your own solicitor).
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