Buying out my boyfriend

  • Thread starter mover trish
  • Start date
M

mover trish

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Hi All

My boyfriend and I have decided to part company but I am terrified that i am not going to be able to buy him out, any one who can set my mind at ease or shock reality is welcom, my situation is this -
House value - 340K, mortgage value - 240k
So to split this with him, I need to get a remortgage under my name only for 290k and he walks away with 50k (give or take)

My gross annual salary is 55k - 60k and i have no loans or credit cards and a good history with my bank but I still fear this will not be enough for a mortgage on my own. Any suggestions? Does saying i'll take a lodger into the spare room really have credence as far as the bank are concerned?

All replies and suggstions welcom!

Trish
 
I think that most banks allow for the income that letting a room would bring.
 
mover trish said:
Does saying i'll take a lodger into the spare room really have credence as far as the bank are concerned?

All replies and suggstions welcom!

Trish
Click to expand...

I read before they will give around €20,000 more if you say this but dont quote me on that

C
 
Some banks are more wiling than others to take rental income into account. Any independent mortgage advisor should be able to tell you the better banks for this. Best of luck
 
You qualify for €291k on a basic salary of €60,000 with no loans and room rental and a 30/35 year term.

What is your actual gross annual salary? (And do you get any additional taxable income - bonus/commission/overtime).

Sarah

www.rea.ie
 
remember when deciding how much he would get of the 50K get him to make an allowance for the legal fees for changing the deeds etc.

In persuasion if ye had to sell the property there would be agents fees and solicitors fees that would have to be split 50:50 too.

I dont think this is unfair to say have him get 47000 instead of 50000 but perhaps look at what the costs would be exactly if sold and divide that and deduct from what you have to give him.
 
I'm not so sure deem. Trish ends up with a house, but BF will have to pay fees if he wants another property. Plus BF has lost his FTB status.
 
Thanks everyone, it's now going through and we're keeping it as amicable as possible!
 
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