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Mortgage/House help

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Hi there! :wave:

My partner and I have just split up. We bought a house in February of this year and currently have a fixed term mortgage for 2 years (ending Feb 2009). I have been told by the mortgage lender that I can afford the mortgage on my own but my only problem is "paying off" my ex boyfriend. :confused:

I am looking for any advice anyone can give in terms of options, or perhaps personal experiences.

Any help will be appreciated. Thank you in advance.

Jinxy :)

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I've been in the same position. Currently in the (unecessarily looooong) process of buying my ex out of his share of our house.

    If you can afford the mortgage on your own, that's even easier than what I've had to do. You need to find a solicitor and get some advice. What they mean by 'paying him off' is that you need to offer your ex an amount of money in return for his share of the equity in your property. You give him the money, he signs away his interest in the house and tada! It's yours.

    I guess your other options are him buying you out (if he can afford it and wants to) or selling the house and each taking your share.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Fab, as we have only been in the house 8 months I'm hoping it won't be too much!

    He doesn't live in this area so he has left the house.... I will contact a solicitor and see what they say.

    Thanks for your advice.

    :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    jinxy123 wrote: »
    Fab, as we have only been in the house 8 months I'm hoping it won't be too much!

    He doesn't live in this area so he has left the house.... I will contact a solicitor and see what they say.

    Thanks for your advice.

    :)

    Do you think he would be prepared to sell and split the equity?
    When I split with my boyfriend I initially investigated buying him out (I had a lot more invested in the property) but my mortgage would have rocketed. In the end we decided to sell which was upsetting for him as we both had to live together while all the sale went through (Took months!). I now have my own house nearer work which means although my mortgage has risen I save money other ways. he got his split, I got mine and we moved on.

    One thing you will have to factor in is any costs you will have to pay the mortgage company to get out of the fixed term before it ends. My mortgage company at the time suggested something called porting... which is basically when you take the existing mortgage on yourself, either staying at the same property or taking it with you to your new one.

    In the end we paid the early repayment fee and I took out a completely new mortgage.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Yeah your ex would need to factor that cost in too. In the end, this might come down to how much deposit you put in, and who put how much of that towards it, cos if it was a low (or no) deposit then you probably wouldn't see anything out of a sale, and could even end up owing money after fees etc. Financially if you can do it and that was the original position, then buying out whilst staying with the mortgage (company) might be best (for both of you).

    You need to get professional advice from a solicitor and/or financial agent.
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