-
As far as the lender cares, you're just buying a house with some equity and borrowing the rest.
Yeah I guess I wondered whether this is it - my assuming that the only way to take a name off the mortgage is to sell it to the person who wants to stay on. At least we don't pay stamp duty, right?
Just did some quick calcs, and the gap between likely new borrowing, and amount someone will lend me based on income is in the region of £140k :/
hoefla-
At least we don't pay stamp duty, right?
If you're getting divorced (or ending a civil partnership) then you don't pay it as long as it's all sorted out by an agreement or court order that's part of the divorce/dissolution proceedings.
If you're unmarried you'll probably have to, on the value of the chunk being transferred to you (cash you're paying your partner plus whatever share, e.g. 50%, of the outstanding mortgage amount).
Article from 2009 but it doesn't look like things have changed: http://www.theguardian.com/money/2009/sep/30/stamp-duty-land-tax
I'd seek proper advice on this.
Greenbank
I doubt the lender would take income from a lodger into account. It's an arrangement that doesn't exist yet, and if you were to tell them that it's your ex partner but don't worry we're still mates... I suspect they wouldn't put much stock in that.
If you're borrowing more than 5x earnings then you might have some problems. Disregard the history, disregard the fact you're already living there (because the lender will). As far as the lender cares, you're just buying a house with some equity and borrowing the rest.
You should be able to figure out fairly quickly what the house is worth (ballpark, using Zoopla and nearby sales). So you'll be able to get an idea what % deposit you have and what the multiples are. Then just look around for some mortgage deals to see what's available.