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Mortgage transfer

  • Pearl Mac
  • Pearl Mac's Avatar Posted by
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  • New Member
08 Sep 20 #514054 by Pearl Mac
Topic started by Pearl Mac
I am new here and I need some advice. I'm currently going thru a separation.
Married 8 years
matrimonial home purchased after marriage, in husband's name only.
House bought for 75000, balance remaining 47000. House now valued at 90000.
I want to buy my husband out and transfer house to my name.
Have a mortgage in principle of 60000.
My question is, is this enough to buy him out if we split equity 60/40 or 70/30? We also have 1000 debt together in his name only. I also have a pension.
Thank you for your advice.

  • WYSPECIAL's Avatar
  • Moderator
  • Moderator
08 Sep 20 #514056 by WYSPECIAL
Reply from WYSPECIAL
A £60k mortgage would only allow you to transfer a maximum of £13k to him. That's 30% of the equity.

You don't give any detail. Is there a reason to depart from 50:50?
Is he likely to accept it?
What other assets are there, you mention a pension, and how will they be split?

  • Pearl Mac
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09 Sep 20 #514067 by Pearl Mac
Reply from Pearl Mac
Many thanks for your reply. Just to add that I am just hoping he will accept 70/30 as I'm staying with the kids in the matrimonial home. If it goes 50/50 i probably won't be able to afford the mortgage. However my other option would be to get first time buyer grant. The debt thag we have is actually £10000.
I have not looked into pension yet, but I have a bigger pension which I've been paying into for 17 years. Will this have to be split too?

Many thanks

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