I bought a house with a friend 12 years ago, they will most likely want to move in/own outright next year.
The house is currently being rented, mortgage covered by rent with some change.
Tracker mortgage.
About 275k owed, 20 years left on mortgage.
House is currently worth about that.
I'm happy to keep the status quo, sell in 10 - 20 years, makes the most financial sense. I see it as a nice little nest egg.
I understand circumstances change but want a solution thats best for everyone.
If the house is worth what is owed, and I'm bought out now, then I walk away with nothing, right?
What's usually done in a situation like this?
The house is currently being rented, mortgage covered by rent with some change.
Tracker mortgage.
About 275k owed, 20 years left on mortgage.
House is currently worth about that.
I'm happy to keep the status quo, sell in 10 - 20 years, makes the most financial sense. I see it as a nice little nest egg.
I understand circumstances change but want a solution thats best for everyone.
If the house is worth what is owed, and I'm bought out now, then I walk away with nothing, right?
What's usually done in a situation like this?