Mortgage questions / thoughts
Discussion
Hello,
TL:DR how can I borrow £90k?
I am currently in a situation where I need to buy my ex partner out of her share of the house we own together. To achieve this I would need to borrow around £90k.
Doing this by adding to the mortgage would be affordable but the overall figure would end up being a high multiple of my salary. To mitigate this I also have:
i) A fairly decent stream of dividend income from shares I own in my employer
ii) Would take on a lodger / Air B and B one of the rooms
iii) Income from a business I part own
For repayment charge avoidance reasons I would like to stay with the Nat West bank, so I suppose my question is are they likely to be a 'computer says no' kind of organisation when i), ii) and iii) are concerned or can they take such circumstances into account. In particular I have solid proof of i) over the past few years.
Other thoughts are is it worth financing the £90k on an interest only basis as I can definitely show I have a plan in place to cover the amount at the end of the term.
Any other ideas of things I have missed? I will obviously be talking to the bank soon to see what they have to say but wanted to gather some thoughts from here first.
Ben
TL:DR how can I borrow £90k?
I am currently in a situation where I need to buy my ex partner out of her share of the house we own together. To achieve this I would need to borrow around £90k.
Doing this by adding to the mortgage would be affordable but the overall figure would end up being a high multiple of my salary. To mitigate this I also have:
i) A fairly decent stream of dividend income from shares I own in my employer
ii) Would take on a lodger / Air B and B one of the rooms
iii) Income from a business I part own
For repayment charge avoidance reasons I would like to stay with the Nat West bank, so I suppose my question is are they likely to be a 'computer says no' kind of organisation when i), ii) and iii) are concerned or can they take such circumstances into account. In particular I have solid proof of i) over the past few years.
Other thoughts are is it worth financing the £90k on an interest only basis as I can definitely show I have a plan in place to cover the amount at the end of the term.
Any other ideas of things I have missed? I will obviously be talking to the bank soon to see what they have to say but wanted to gather some thoughts from here first.
Ben
leef44 said:
Is your relationship with your ex amicable?
Would she be willing for you to pay in monthly instalments with market rate interest?
Could you pay her rent for her share?
Just thoughts...
Reasonably amicable but she will also want to buy a place so not a great suggestion.Would she be willing for you to pay in monthly instalments with market rate interest?
Could you pay her rent for her share?
Just thoughts...
Next question is assuming the Nat West can't help is it possible to have more than one mortgage on a property with different providers?
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