equity release?

C

curious20

Guest
i recently seperated from my husband and he has asked me to buy him out of our home for 250k. (our house is worth 650k) i still have 170k left on the mortgage so would therefore be looking to remortgage and release 450k equity in my home. the only snag is that the only form of income i have is cash and it may be hard to prove. however as my house is rather large i plan to rent out a single and double room and also a granny flat which is attached to my house, this would be an extra form of income. has anyone any suggestions and also what way would this process work?
 
If he’s buying you out your own financial situation wont enter the equation, he just has to be earning enough to pay for the mortgage top up/extension that would be required, if u were to look into obtaining a mortgage of your own I would imagine you would find it very difficult as very few banks will consider rental income as a sole income source
 
bilbob said:
If he’s buying you out your own financial situation wont enter the equation, he just has to be earning enough to pay for the mortgage top up/extension that would be required
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:confused: Seems quite clear that the husband wants the OP to buy him out....
curious20 said:
i recently seperated from my husband and he has asked me to buy him out of our home
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The only way to source the mortgage here is to sort out the pay situation. If it's undeclared cash in hand payments avoiding tax etc. then lending against it will be next to impossible.
Posting more details may help provide a solution (e.g. it may be a legit taxed wage which is simply paid in cash).
 
To get a mortgage of €450,000 you'd need documented evidence of taxable income of circa €90,000.

Would selling the house be an option?

Sarah

www.rea.ie
 
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