Will I be able to keep existing mortgage on and buy partner out?

[Trinab75]

Myself and my partner own our home as tenants in common, as I sold my sole owned property to enable funding of a £40.000 deposit on the joint house.
The value of the house is £132.500, the Mortgage is-£95.000
Deed of trust and deeds as tenants in common state if the house is sold I receive £25.000 of my deposit back and then half the equity. which equates to £32.000 in my favour.

I would like to transfer the house into my sole name,rather than having to sell and uproot my children,does anyone know how easy this is to do? bearing in mind I have already secured payment of a good chunk of the house value and I can offer my partner a payout out of my savings so no need to remortgage. Is the mortgage provider likely to take my new circumstance into consideration. Or will we have to sell the house?

I have a part time wage and will receive tax credits/child benefit and maintenance payments leaving me with approx £600 per month to live on when all the bills are payed.

Advice form anyone who has been in such a circumstance much appreciated, thanks.

As long as you can afford the mortgage payments, afford to pay your partner off and he agrees this is possible.

So you would have to pay him £6,000.00 if I have got it right. You would have to make an mortgage application on your own for £96,000.00 and say you were going to do a transfer of equity.

As long as you are granted the mortgage and comfortable with the payments you should go for it.

Thanks WM-Yes I would have to pay him approx £6000. But not sure of he will have to contribute something towards costs?

I am going to make an appointment to see a mortgage advisor next week after my exams, I am worried even though I know I can afford the payments that they may frown upon some of my income being from tax credits/maintenence etc. I want to get the ball rolling before confronting my partner as I know it will get heated after that point.

Do you think I would need a brand new mortgage rather than keeping on the existing one?

You may just be able to remove him from the current mortgage as long as you can show that you can keep up the payments. It depends on whether you are tied in with your current deal or whether you could get another one/increase the term to make the repayments more affordable.

There is someone on Mumsnet who's husband is an independent financial advisor - he may be able to help you.

You would probably have to pay the costs I'm afraid unless your partner agrees to pay for half. It does him a favour as he will no longer be responsible for the mortgage and will be able to go and get his own etc.

Trinab here