Hi there everyone,
Hope someone can help I'm new to the forum and have a really complicated situation.
I have read some guides on here which are great and very informative but can't specifically answer my question.
I am hoping to buy my ex-husband out of a property we own together. He doesn't want to buy it but it unfortunately won't sell.
I currently work and live in Edinburgh and have done for 3 years and the property is in Sheffield. The property is valued at £100,000 and my ex-husband wants £15,000 to buy him out.
Questions?
1. Is a buy-to-let mortgage at 85% possible? I have found only one company offering it called Turn Key Landlords but they claim to be regulated by Financial Conduct Authority but not the Financial Service Authority. Do I have my wires crossed. Any info on this company?
2. Is there an early re-payment fee with all mortgages as I may sell in one year if the market recovers?
3. Any other advice, can anyone see an alternative to this?
I can't move back to Sheffield and the property is currently empty.and we are paying the mortgage and rent on our current living situations which is crippling and so I would like to put someone in the rent to pay the mortgage as soon as possible.
We have had no offers on the property for 4 months and reduced the price significantly.
Thank you in advance for any information or advice.
Belinda
Hope someone can help I'm new to the forum and have a really complicated situation.
I have read some guides on here which are great and very informative but can't specifically answer my question.
I am hoping to buy my ex-husband out of a property we own together. He doesn't want to buy it but it unfortunately won't sell.
I currently work and live in Edinburgh and have done for 3 years and the property is in Sheffield. The property is valued at £100,000 and my ex-husband wants £15,000 to buy him out.
Questions?
1. Is a buy-to-let mortgage at 85% possible? I have found only one company offering it called Turn Key Landlords but they claim to be regulated by Financial Conduct Authority but not the Financial Service Authority. Do I have my wires crossed. Any info on this company?
2. Is there an early re-payment fee with all mortgages as I may sell in one year if the market recovers?
3. Any other advice, can anyone see an alternative to this?
I can't move back to Sheffield and the property is currently empty.and we are paying the mortgage and rent on our current living situations which is crippling and so I would like to put someone in the rent to pay the mortgage as soon as possible.
We have had no offers on the property for 4 months and reduced the price significantly.
Thank you in advance for any information or advice.
Belinda