Who buys who out?

I am in the process of separating from my husband and we are at the stage of "who is buying who out" Just wondering if anyone could give some advice in this current climate what would be the best thing to do. My mortgate is low approx 175K as we bought the house 8 years ago and as it stands there is a profit of about 100K. Any advice would be great. I just don't want to make a wrong decision and regret it later.

Re: Advice please

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Brendan
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First things first, do you have a solicitor or you trying to reach agreement yourselves first?

Do you want to stay in the house? Have you had the house valued?

If you decide that you want to stay in the house, you would need to get it valued, apply for a mortgage & you might also need to give your husband his half of the profits.

E.g. if the house is valued at 280k, you would need to re-mortgage for the 175k mortgage you currently have plus the money your husband would want - so imagine this is 225k. Would you qualify for a mortgage that size on your own? Can you afford it?

There's a lot to think about - you could also sell the house, pay off the mortgage, split the profit & go your separate ways? It really depends on your circumstances, whether you want to stay in the house.

Many thanks for the enclosed post! Just needed someone to point out a few things for me.