Mortgage? Loan?

[vpetite]

I want to buy my husband out of our jointly owned home.
House value £550,000
Existing mortgage £42,000 (ends Nov 2010 and covered by endowments)
I am looking to raise £140,000 to buy him out but can only raise £80000 mortgage in my own name from our existing lender.

Is there a way to do this? Any help or advice would be much appreciated. Thank you

[sara3]

could you afford to repay £140k? do you know what the repayments would be?

and are you sure your endowments will cover the mortgage?

[buildersmate]

Why can't you do a deal whereby a break occurs at the current value of the home? His share of equity in the home is currently (£550k-£42k)/2 = £254k.
You stay in the home, pay all ongoing commitments, he has a legal charge put on the property of £254k on its eventual sale. Depends if he insists on having the money now I guess.

[sara3]

buildersmate, I suspect vpetite thinks she's on to a good thing if she can buy him out for £140k... but it seems it can't be done.