My feed
Premium

Please
or
to access all these features

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Divorce/separation

Buying ex out - secured loan. Has anyone done this?

11 replies

Fantasisa · 30/07/2020 18:52

I can't afford to buy 'D'H out and take on the mortgage and he won't leave unless he gets his equity. I could possibly take on the mortgage if I can prove to the bank that I can make the repayments without his assistance but they won't let me remortgage to buy him out..

My latest idea to raise the equity is to show the bank I can make the payments (I can), take on the mortgage and then get out a secured loan on the house to pay him the equity. It would be tight financially but I can't see how else I can do it.

Has anyone else done this? I know it should be a last resort, and it is, but if it sorted the finances I'd be prepared to do it.

OP posts:
Report
confused3485 · 31/07/2020 09:08

Im hoping to do exactly the same so would be good to know if its worked for anyone else x

Report
Lockdownseperation · 31/07/2020 09:12

You won’t be able to get a secure loan against the house unless your ex agrees.

If he your husband? Do you have children together?

Report
unluckyducky · 31/07/2020 09:17

This reply has been deleted

Message withdrawn at poster's request.

Fantasisa · 31/07/2020 10:53

The aim would be to show the bank I could afford the mortgage repayments by myself (I can but they won't approve me without 3-4 months apparently), take ownership of the house and then take out a secured loan on the property to pay DH back. Obviously he would have to trust that I would do this.

We are married and we do have DC together. We about the same and will share the DC 50/50 so it isn't the case that one of us has more right to be in the house than the other.

OP posts:
Report
Fantasisa · 31/07/2020 10:53

We earn about the same it is meant to say

OP posts:
Report
unluckyducky · 31/07/2020 12:17

This reply has been deleted

Message withdrawn at poster's request.

Fantasisa · 31/07/2020 12:27

A charge on the mortgage would be better for me as I wouldn't have to pay it now. But he will need his equity to be able to start his new life.

OP posts:
Report
unluckyducky · 31/07/2020 12:31

This reply has been deleted

Message withdrawn at poster's request.

Fantasisa · 31/07/2020 12:40

It would be an £80k loan so not insubstantial. Sad

OP posts:
Report
unluckyducky · 31/07/2020 12:47

This reply has been deleted

Message withdrawn at poster's request.

Louise000000 · 12/08/2020 20:31

I'm wondering exactly the same. Ex wants £30k so planning on doing a £15k loan now and then hopefully he can wait a few more years for the rest.
@unluckyducky that sounds interesting so I could go ahead and apply for him to be taken off my mortgage and he would then agree about when he will get his equity? Is this done through the mortgage lender?

Report
Please create an account

To comment on this thread you need to create a Mumsnet account.