Buying out ex

[Jaffapedigree]

Hi all, I have a mortgage with my now ex partner. He's moving out soon to rent somewhere, I'm staying in the house.

I'd like to buy him out but don't know how it works or if it's doable. We remortgaged earlier this year for a five year fixed term, so the timing's poor but can't be helped.

We bought the house almost eight years ago for £62500 (yes, really!), and owe £48000. I think it's now valued at £90000 to £108000. It's a low cost area.

I earn £30000pa. I have savings of £8000.

I'm going to speak to our broker soon, but based on these figures, do I even stand a chance of buying him out? I really want to keep the house. I've done some basic sums, and even if the mortgage payments went up by a couple of hundred pounds per month, I could comfortably afford to run the place on my own.

I'd say you have a good chance, You would only be adding 25k(ish) to the mortage, which would give you a loan to value of 75% and 2.5 times earnings.

The only hurdle might be the affordability test but I think they have been relaxed recently so you should be fine.

Thank you, I really hope so.

You need 75k mortgage with a 30k salary should be doable