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LTV when buying partner's share

  • 17-05-2018 12:43pm
    #1
    PedroDublin
    Registered Users, Registered Users 2 Posts: 53 ✭✭


    Hello everyone,

    Six months down the road I want to buy my ex-girlfriend share on a new built we bought two years ago, it will be a friendly settlement and we have already agreed on all the details.

    The price of the house was 320k, similar houses on the new phase of the same development are being sold for 390k, I am expecting to get a valuation before going to the bank for about 375k.

    The remaining mortgage I will be asking for covering will be 255k. How would you calculate the LTV?

    When I first work all the numbers I drop down to the local branch and the director there(not mortgage advisor) told me the mortgage amount would be considered the price and I would need 20% of that, so effectively asking for a 215k mortgage.


    I don't think this can be right, if the LTV if to cover on possible eventualities having a 250k mortgage on a 375k asset should suffice. Also on top of the mortgage I will also be paying the settlement with the other party, legal fees, and a partial capital repayment to get into the 3.5 cap.

    Sorry for the long post, wanted to give as much details as possible


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