You are reading a single comment by @duncs and its replies.
Click here to read the full conversation.
-
Problem is that I don't think you're taking one name off the mortgage. You're getting a new mortgage on a house that has now gone up in value. You'll have more equity but you'll now be borrowing the rest based how much you've agreed to pay the other person.
Is the other person a friend that's moving on and you're buying them out, or a partner that's staying there and you're just transferring mortgage into your name...?
duncs
hoefla
Thanks. I still didn't understand all of that...
But what I'm hearing is - I can borrow 4x income. I think we were around 4.5x combined income going in. And I'm unlikely to suddenly start earning more than twice what I do now, so this (keeping the house) just isn't going to happen as a scenario :(
Am I right in thinking that if we were simply remortgaging, the increase in value benefits us because we have more equity, but with taking 1 name off the mortgage it's actually worse? (for me)