I have a house with a current value of £125,000 and have an outstanding mortgage balance of £60,000 therefore having a £65,000 profit. Four years ago I separated from my partner and now wish to buy them out with an understanding of a £20,000 settlement to do so. Am I able to do this as I have capital? I live with my children but I do work full time and recieve other money. I am in good credit and the repayments are of no concern as I have no other finacial commitments apart from the basic living bills etc.
What you are looking to do is known as a "Transfer of Equity" and subject to you meeting a lenders basic criteria, I can't see any reason why you shouldn't be able to raise the additional £20,000 needed to buy your ex-partner out of the property. We'd obvioulsy need to know the exact figures involved, the loan to value is good, and you're working full time too, so I would be confident that we can assist you.
You could apply to your existing lender to do this, or we could look to do a full remortgage to a new lender. If you'd like to discuss your enquiry in more detail, then please let me know and I'll arrange for one of our consultants to contact you.
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