Buying out a partner

Posted on 9 August 2008

My husband and I are in the process of separating. We have tried selling the family home but it has fallen through twice and is unlikely to sell. I am paying all the mortgage, which I find difficult on my low salary. My husband contributes very little to the bills and food but still lives in the house. Would there be any way i could buy him out of the property. There is a small annexe to the house and 2 spare rooms, which I could rent out as an additional income.

This is something you could look at, but lenders will assess affordability based on your income, and therefore whilst the rental income may help in paying the mortgage it will not assist you when it comes to remortgaging.

 

Given you circumstances I would suggest that you consult with the Citizens Advice Bureau who can help you consider all the options available to you before you find yourself in financial difficulty:

 

I wish you all the best.

www.citizensadvice.org.uk/index/aboutus/citizens_advice_offices.htm.

Category: Separation or Divorce

 

Answers provided in response to Ask Bea are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of Charcol Limited. All comments are made in good faith, and neither Charcol Limited nor Bea will accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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