Separated Joint Mortgage Positive Equity

[WayneMurphy]

Hi all.
I am looking for some information if at all possible.
My wife and I have recently seperated.
We own a house together which is in positive equity. It is me that has moved out and we both continue to pay the mortgage. What is involved in her buying me out as she wants to stay in the house. No children involved.

House Value 2020: €245000 approx
Purchase Price 2017: €217000
Mortgage drawn down 2017: €117000 (I also funded €100000 at time of purchase
Mortgage remaining: €93000 approx
Salary: €38000 p/a approx (each)

Can I please get some advice/thoughts on how this might work out? Any help is appreciated.

Thank you

 

[elcato]

She needs to be approved separately for a mortgage for the amount outstanding. She basically has to buy the house now from the married couple that were you and her. You will need to sign all the relevant paperwork. Assuming she earns 38k and has no bad debts or other outstanding loans this should not be a problem. However if you are looking to get her to buy you out with borrowed money from the mortgage then there might be an issue with the criteria i.e. if you are looking for 100k which you put in then she would need to borrow 193k which she would not have the relevant earning power for.

 

[WayneMurphy]

Thank you very much.

I’m not really worried about the €100kI fronted when we bought as I want to keep things amicable and move on to get somewhere else.

Theoretically, going by what you’ve told me. When she buys the house with a new mortgage does that mean I would recieve any money?

 

[Ravima]

you should get 50% of €245K less €93K less all fees, assuming as elcato says, that she can get an fund a mortgage