Can someone explain about buying someone out of a joint mortgage

[questions]

Basics -DP and I are splitting up. I want to stay in the house with the DC. Currently a SAHM. DP self-employed so variable income.

Current financial situation is:

-amount owing on our joint mortgage is around £35k (started at £60k)
-value of our house, at a guess, £250k

If I were to buy him out what does that entail? How much do I have to give him? Do I have to give him the money myself or is it added to my mortgage so I don't have to have the actual moneyIYSWIM.

Sorry if I sound thick, I'm not..I'm just reeling from shock and trying to get my head round a way out of this

if you buy him out you would probably be looking at paying him anywhere between 30-50% of the equity so you would need a mortgage for about £120+ (you won't get a motgage if you are not working). basically you would buy the house in your sole name from you and him (joint names) and it is very much like buying a house.

you may only get 50% of the equity.

you may have to resign yourself to the possibility (and probably what will have to hapen)that you have to sell the house and split the proceeds between you both so you can buy a new house

hope this helps

I had a horrible feeling that would be the case.

Trouble is theres no way I'd get a 3 bed house round here for half my share.

If I rent then I would be pouring my share down the drain (as I obv wouldn't get Housing Benefit etc with that amount of 'savings') with no hope of ever getting on the property ladder again

could you not get a part time job with a view to getting a small mortgage to top up the money you will get?

I have been looking for P/T work for a while but need something to fit in with school hours -they are few and far between.

Thanks for answering

Bumping to see if anyone has any ideas.

I keep hoping that theres an option I've not thought of.

I'm desperate to keep the children in their home. It would be a bit of stability in what is going to be a shit time for all.

Realistically, if he needs the capital from your shared home in order to set up somewhere new then you are looking at selling unless some mystery benefactor appears and offers to stand as guarantor on a bigger mortgage, or give you the money to buy him out.

If your ex is not pushing for the capital you may be able to draw something up that says you can stay in the house and take responsibility for all the costs etc., but that when you come to sell it in the future, you give him the £100k (or whatever it is) that is his share. But that would be a very generous move on his part.

Finally, children are much tougher than we give them credit for. What we see as traumatic they can sometimes find a big adventure. I would hate to leave my home but I think, if we really had to, my child would put up with anything so long as we were still together at the end.