Ex partner buying me out of property when he is not on the mortgage

[blackwellsj]

Hoping someone will be able to advise please.

In the process of separating and the house and mortgage are in my sole name as he wasn't employed at the time we bought.

He wants to buy me out which I am fine with as I wouldn't want to stay in the house anyway.

My question is will he need to look for a 'house purchase' mortgage or 'remortgage'?

If he's not on the mortgage he won't be able to remortgage it'll have to be a new application.

Thank you for the reply. The house is worth roughly £100k and there is about £70k left on the mortgage so his half of the equity is £15k. I'm assuming he can use this as a deposit and would therefore be looking for a mortgage of £85k in order to pay me my £15k?

Yes. I’d get a broker on it. It’s amazing what can confuse the automated underwriting and a broker can help smooth the way and explain to the lender all sorts of this and that.

Ah ok thank you, I'll have a look for a broker.

Yeah, he’d buy it from you as an “inter-family sale” or genuine bargain price. LTV based on full market value.