I want to make sure I've a general idea, before speaking with a broker, about the process of buying my partner's part of the house.
Does anyone been through this process?
I thought buying out would require a deposit of 10 or 20% as if you were buying a house - typical process.
But after reading online, it seems
a) the bank needs to agree with the buyout
b) you don't need a deposit as the equity of the house would cover that
c) the whole process can be compared to a remortgage.
Did I understood the buyout process correctly? Like I said, I'll talk with a broker but I want to have a general idea of what to expect.
Details: The house was bought for 230k, with a 207k loan, and at the moment the loan is at 190k approx.
The house at the moment, has a aprox value of 280k.
My income is more than enough to cover the value of the new more expensive loan.
Thanks
Does anyone been through this process?
I thought buying out would require a deposit of 10 or 20% as if you were buying a house - typical process.
But after reading online, it seems
a) the bank needs to agree with the buyout
b) you don't need a deposit as the equity of the house would cover that
c) the whole process can be compared to a remortgage.
Did I understood the buyout process correctly? Like I said, I'll talk with a broker but I want to have a general idea of what to expect.
Details: The house was bought for 230k, with a 207k loan, and at the moment the loan is at 190k approx.
The house at the moment, has a aprox value of 280k.
My income is more than enough to cover the value of the new more expensive loan.
Thanks