partner says he wants to split, how to sort our finances?

[FinanceSplit]

My partner wants to split up, and I need to consider what to do about our finances. We own a house together, early 20s, not married, no kids. I can afford the mortgage payments with just my salary, and I can afford to "buy him out" of the house. I want to stay, but I don't think I'd pass the affordability check with the lender, due to my salary. I was speaking to my family and they suggested one could stand as my guarantor so I'd be approved to transfer the mortgage to just myself. Do banks still accept this?

If we have to sell, I wouldn't have enough to buy a place nearby, I'd have to give up my job (which I've worked so hard for, and really love) to move back with family. Renting doesn't seem like a realistic option as I have pets - dogs and a cat.

It feels like such a mess, I've been staring at various spreadsheets all day and nothing makes sense anymore :(

I'm really sorry you're in this situation OP.

Re: the mortgage, I would go and see a broker. Sit down with them and discuss your situation- they will be able to help you navigate all the possibilities. If you have a family member willing to act as a guarentor, then you may want to have them join so they can answer questions right away.

Don't necessarily write off renting if that doesn't work out as it can be done with pets- you will have some time to find a place and you don't necessarily have to leave a job you love.

Agree with the above pp.

They generally give you 3 or 4 times your salary minus debts. I think 4.25x was the most I heard of. That was last year right enough.

Do you have parent that could go on the mortgage, the term would have to be lower as only up until their retirement age, but they would lend on both your incomes. Or a friend that would move in you could then share the mortgage but the ownership of the property remains in your name - they would be renting in effect. 4 ish x your income, would be the max, but you could it over 40 years as you are so young.

Guarantor mortgages are rare and the rate is usually much higher

@Badgerloco

Do you have parent that could go on the mortgage, the term would have to be lower as only up until their retirement age, but they would lend on both your incomes. Or a friend that would move in you could then share the mortgage but the ownership of the property remains in your name - they would be renting in effect. 4 ish x your income, would be the max, but you could it over 40 years as you are so young.

2nd property charge