Will I be able to buy him out?

[300years]

We are not married, 2 children 9 & 5.

House value £230,000
Mortgage £135,000
Equity £95,000

So to do so I need to buy him out for £45,000.

I have about £25,000 in cash I could give him.

So the rest would be added on to the mortgage (£20,000).

So I need to borrow £150,000.

I’ve tried online calculations but I know that some don’t include the full child maintenance and benefits.

My income
£22,000 salary
£12,000 child maintenance
£6,000 benefits

Do you think based on the above I could borrow £150,000 (bearing In mind my salary is only £22,000?)

I have a meeting on Monday with a mortgage advisor but I am losing sleep worrying and would like any more knowledgeable insights.

You won't get more than 50% of the house if you are not married and it's in joint names. If you own it in unequal shares you will get your proportion. We didn't need a solicitor at any stage (except for the conveyancing one supplied with the mortgage). If you can't reach an agreement, you might do.

He would never in a million years give me a penny more than I’m due. Never as a favour to me.

Speak to a mortgage advisor I'm in a similar position and although my current lender wouldn't do it she has found me three lenders who will take into account CM, salary and benefits and I can apply

You might be able to, but that doesn’t mean you can afford it and that it is for the best. Unless you are on a career path that makes it likely to earn twice what you are on in a few years time, you are leaving yourself very vulnerable.

He could have an accident and be unable to earn money just like that. Or he could meet someone who earns well too, marry, have twins and decide to become a stay at home dad as we’ve seen happen here. You’d suddenly get nothing.

You also need to take into account that mortgage rate could go up at anytime, could you afford another £100 a month?

I would look at significantly improving your income before considering being a home owner.

Op I’m assuming the house is in both your names.?

I think it is too much. Often benefits are not counted as income for mortgage as that was the case with me, although my income with wages and benefits is lower than yours and my equity was higher.

I was unable to get a mortgage and buy exh out. He refused to let us live there until youngest dd is 18. Which at that point was 7 years.

We ended up selling. I did get via financial order a bigger percentage of equity . I was able to buy a flat with that and a little amount of savings I had left. Although flat is right at bottom end of housing market for a two bed so not in a great area in my town (but not worse area).

I am pleased I got the flat (miss the house of course), because it means equity not going on rented.

My teens however are not pleased because they think they deserve a house.

Ok thanks I might need to consider my options but I’m accepting of this more than I was initially. It’s scaring me and I’m incredibly anxious and worried but I’m letting go and leaving it for Monday so I can relax a little.

Definitely get advice from a solicitor. You can get a free half hour from most as an initial consultation whether you proceed with them or not.

Not sure if you still need it but Halifax takes maintenance (non court ordered or non CM service) they also allow family members on there to help boost lending amount. I did this few years ago. I also signed deed of trust to show my interest in house was 100% with family member so they weren’t caught in stamp duty trap of paying due to second home ownership.