How to Buy Someone Out

[Upsadaisygoonpunkmakemyday]

Ok, thinking about buying husband out of house but not sure if can afford it and how it works.

House is worth around 150,000 the current mortgage is at 80,000 ish.

Would I need to give an amount similar to what half of the equity would be if we were to sell? if that makes sense.

Trying to decide what the best thing to do is try and stay in house or sell it and just split the money

bump

No easy answer but half the equity would be one way of doing it. It also depends on who has put the most money into the mortgage, property and so on. Don't forget if you buy your husband out then you will be liable for stamp duty on the remaining 50% you purchase, regardless of whether you have paid it once already, (assuming the house is valued at more than £150k.) So you might want to factor that into the equation.
I seem to remember a similar question a few months back so it may be worth looking at the past threads.

So for example if mortgage is £80k, you split the equity of £70k so you will need to increase mortgage to £115k? Can you get a mortgage of £115k? Most lenders will lend around 4x salary as a rough guide. Roughly over 25 yrs it would be £750 month.