When me and DP got together he was in the process of buying a house, it was too soon to buy together and I wasn’t in a position to buy anyway.
We are now 10 years down the line and he is struggling with the mortgage. He has 50% equity in the house but needs to release some money. He was made redundant and just hasn’t managed to get on top of things since but is now back working but not earning enough to pay his debts. Ideally, he would release 10% from the house and settle his debts - he has a ccj recently so we don’t think he would get a decent mortgage. If he can’t take money out then he will be forced to sell.
I don’t have a house deposit saved, he has suggested we remortgage with both our names on it. I mentioned this maybe not being as easy as he thinks with his credit rating. I would say mine is average.
Another option he suggested is I buy his house from him and use the money in the house as a deposit. Would this even be possible? Could we leave his deposit in the house and still be in his name but me own the rest? Would this become really expensive with me having to pay searches etc even though I’ve lived with him in the house since he bought it?
We really don’t want to move if we can help it, we love our home and with the money we have we couldn’t afford anything similar.