Re: Need help with buying ex-partner out of a mortgage
Posted: Mon Jun 24, 2019 6:50 pm
Hello Sarah. Welcome to the forums.
Yes, you can buy out your ex-partner out of the mortgage. However, you’ll need to qualify for the mortgage on your own. If you qualify then:
Cheers,
Yes, you can buy out your ex-partner out of the mortgage. However, you’ll need to qualify for the mortgage on your own. If you qualify then:
- You can refinance and extend your mortgage to 95% of the property value.
- You can increase your home loan to pay out a divorce settlement.
- Your mortgage broker can get you a better interest rate when refinancing.
- You must meet standard bank policies without your partner’s income.
- You may have to pay Lenders Mortgage Insurance (LMI) if you borrow more than 80% of the property value.
Cheers,