Divorce and house purchase

[Ijustwanttoleave]

Please could you lovely people help me?

I have purchased a house with my husband and it’s only been a month. My husband has lost his job this month. We have had a rough time for the last 3 years and I really do not want to continue this marriage anymore. Only issue is what happens to the house? Can I buy him out? And for context LTV is 95%. Thank you

You can buy him out if you can afford to. You'd need the cash to pay him his half of the deposit/any equity and then to earn enough that the mortgage company will allow you to take on the whole mortgage yourself. There may be repayment fees if you have to get a whole new mortgage. Depends of terms of your current one

If you think you can afford to pay him his equity and take on the mortgage yourself I would speak to the lender and chat it through with them. They were really helpful when I divorced and needed to transfer the mortgage solely into my name. There were no fees or anything.

I’d approach the lender and ask what options you have to put the mortgage in your sole name. In my case I had to do a new sole application, there was a fee, and it was approved. The solicitor did the paperwork, which cost about £600 & there was no stamp duty as it was a divorce. You will need your husband’s signature so he will need to be ok with you buying him out. I assume he has somewhere to go?

The mortgage rate may well have increased.