buying partner out of house

[justtryingherbest]

split with my ex in january and just wondering whether i should A. start a fresh somewhere (likely renting as i wont have enough of the shared equity to buy somewhere) or B. buy him out of the family home and stay there until i have enough equity/can afford to buy a bigger place for me and my kids

for me it would be B.

Yeah id say Option B, end of the day thats your kids home and i think him going rather than you moving out straight away will be more beneficial for them and there isnt that immediate change.

thanks guys. i agree, just need to now seek advice without him knowing if thats possible! i assume ill have to buy him out and give him some money? do you guys know whether i can realise equity to him as i have zero savings! i’m not even sure id pass affordability 🤯

Ah, that’s trickier. Option B is preferable but if you have no money and can’t get the mortgage then it’ll have to be Option A. Unless he’s very reasonable and cares more about you and DC having the house than getting his money out of it, then you’ll probably have to sell. Not sure about taking equity out in this situation, equity release tends to not be a good deal and wouldn’t having less equity make the mortgage even higher, which is a problem if you already think you won’t pass affordability checks. Talk to a broker about your options perhaps, they can see what’s possible on your income, but Option A isn’t bad, you’d still get your share of the equity and build from there.

Talk to a mortgage broker. They can get you free confidential mortgage offers based on your situation.

You’ll need to

work out his share jc equity
buy him out
tahe in the while mortgage

eg house with 300k with 200k mortgsge owned 50:50

hes owed 50k
so you will need to either find savings for his 50k and take over the 300k mortgage or add the 50k to the mortgage and take on 250k mortgage

First off you need to know what the figures are then whether you’d pass affordability tests,

It’s definitely worth looking into. I didn’t think I’d be able to get a remortgage to buy my ex out but I did. Def use a broker, I can recommend mine if you like. They charge £295 flat fee and got me a great deal