Mortgage after splitting up with husband.

[Coconutsandcobbles]

I split up with my husband 5 months ago and he moved out. We own a house together. He doesn't contribute towards the mortgage now. I want to see if I can buy him out. Can anyone explain to me in really simple terms exactly what I need to do please? I called my lender and they left me feeling totally confused. I wanted them to give me a figure of what it would cost me to buy him out. I realise we would need to come to a mutual agreement but is it typically half the value of the property or half the equity that I would need to give him so that I own the property on my own?
I was thinking of getting a loan from a different company rather than through my mortgage company. Is there any obvious reason why I shouldn't do this?
Don't really want to discuss it with him till I know if I can actually afford it. What do I need to do?! Thanks.

Half the equity is what is usually agreed upon as a starting point but then it could differ if one of your put in a larger deposit or something. The lender can't give you a figure as they have no idea what your ex will accept.

Do you earn enough to take over the mortgage on your own?

Firstly you need to find out the mortgage balance then have the house valued and agree what we is willing to pay, which doesn't have to 50% of the equity, it's whatever you agree - you then need to see if you can get a mortgage for the mortgage balance plus the equity you agree to pay your stbexh. In our case h has suggested he will continue to pay 50% of the mortgage in lieu of spousal maintenance (high earner) but I can transfer the house into my name

In our case h has suggested he will continue to pay 50% of the mortgage in lieu of spousal maintenance (high earner) but I can transfer the house into my name

Spousal maintenance? he needs a better lawyer.

I do earn enough to pay the monthly mortgage payments - I've been paying it for 5 months but suspect I'm going to struggle to get accepted for a new mortgage for the amount remaining on my own.
Who would be best person to advice me about this- a financial adviser?
Or should I see a solicitor first?
Thanks

I'd see a lawyer first. Discuss your situation, e.g. Children, other assets etc You could take it from there deciding how to split your assets.

I would contact your mortgage provider first and ascertain whether they will allow you to take over liability for the whole mortgage
Once you know the answer to that take legal advice

You can do a pretty rough calculation to see if you’re likely to be approved for the size of mortgage you’d need.

Estimate how much the house is worth now - go on Zoopla and look at sold prices in your road/local area.

Subtract the amount of the mortgage remaining to pay.

E.g. £250,000 (house value) - £150,000 (mortgage outstanding)
= £100,000 (equity)

Now you have the equity figure divide by 2 (50% each = £50,000 equity each). As PPs say, you can agree this to be a different split but if I were you I’d start at what the max you’d need to pay is.

So you need to pay ExH his £50,000 AND take on the remaining mortgage yourself. So in my example, that would mean you’d need to be approved for a total mortgage of £200,000.

You can’t buy him out with a loan from another lender as your mortgage company won’t allow that.

Thanks- that's all so useful.
Nosquirrels- massive help. Thank you.