Buying ex out of house

[amylou83Participant]

Hi wondering if someone can offer advice because I’m at a total loss.  How do I work out how much I need to remortgage to buy ex out of house? I’ve booked two valuations with estate agents but I think the house is worth £125,000 (I’m hoping less) we won some money but had to take a mortgage out last year of £25,000 he was paying this up till nov and I’ve took the mortgage over in dec.  so am I right in thinks you deduct the mortgage so it would be £100,000 split which is £50,000 each from the house.  But Does that mean I have to pay the original mortgage off so I would need to get a mortgage for £75,000??? I’m totally confused he always dealt with the money side and at the minute I don’t trust him he has changed and seems to be out for what he can get from me to start a new life he says he won’t force me to sell the house because of the 3 kids but I really don’t believe him because he keeps changing things he has said to me all the time.  Any advise or advice on who I could ask cause again I’m totally lost and really worried because I don’t want to end up in massive amounts of debt.  Also at the min I’m on universal credit and he seems to think I will get a mortgage no problem 🙄 he thinks I’m rolling in the money but forgets I’m paying everything the house everything for the kids he gives me £200 a month but not on time all the time.  Absolute nightmare never thought I would be in this situation with someone I love he just seems to have changed into a different person.

[mstimeParticipant]

Hi Amylou

Im not going to offer you precise advice becuase that would be wrong of me and everybodies situation is different. I will go on my own experience and take from it as you wish. Some years ago my partner left the home and we had a joint mortgage. She had left for 2 years and suddenly needed some money so i bought her out of her share of the home and it was estimated as a value from 2 years before. This she accepted and was happy with the figure. Have you tried asking asking him what figure he would be happy with? Maybe you can work from that. Dont let him set the agenda . Speak to people and that starts with your lender. Ive found the banks to be willling to listen if they think there will be a problem receiving their money (greedy sods). Start with him them move to the banks. Sorry if this isnt much help. The point is get some financial assisitance and help from your lender. They wont charge and are only to happy to help if they think they will get their money at the end of the day. As i said,greedy sods.

[amylou83Participant]

Thanks mstime no he hasn’t said how much he wants exactly just keeps mentioning half is usually how you do it which would be the £50,000.  His friend just split up with his wife and she bought him out of their home and since then he seems to be doing everything he is doing 🙄 He just seems to be interested in money at the min he is debt quite a bit so think he trying to get himself out of all that.

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