I have a joint mortgage with my partner, we have now split and I want to take on the mortgage. Some rough figures
House value £157K
Mortgage left £75K
Paid off £82K
So I need 41K to buy my ex out. The bank have agreed my figures add up and will lend me £116K (75K + 41K)
My question though, at what point and how do I get the half of the equity to pay her?
I can borrow the money but how does she get it, does the bank pay it to her? ut it in my account for me to write her a cheque?
Probably a daft question but its amicable and want to make sure everyone gets out of this as fair and quickly as possible
House value £157K
Mortgage left £75K
Paid off £82K
So I need 41K to buy my ex out. The bank have agreed my figures add up and will lend me £116K (75K + 41K)
My question though, at what point and how do I get the half of the equity to pay her?
I can borrow the money but how does she get it, does the bank pay it to her? ut it in my account for me to write her a cheque?
Probably a daft question but its amicable and want to make sure everyone gets out of this as fair and quickly as possible