Hi all,
I’m looking for a bit of advice / sense check on a housing situation.
I currently own two properties — one I live in (joint mortgage) and another that I rent out (buy-to-let). I’m considering selling the rental property and using the proceeds, along with savings, to buy out my partner and take full ownership of my current home.
Rough numbers:
- Salary: ~£46k
- Savings: ~£25k
- Estimated equity from sale (after costs): ~£70k+
- Potential tax refund (ADS): ~£14k
- Buyout cost (deposit + equity): ~£30k
That would leave me with roughly £75k–£80k to put towards the property.
The home is worth around £245k, so I’d likely need a mortgage in the region of £160k. From what I can tell, repayments would be around £900–£1,000/month depending on rates.
My main questions:
- Does this seem financially sensible on a single income?
- Is a ~£160k mortgage realistic on a £46k salary?
- Would lenders likely be comfortable with this setup?
- Better to maximise deposit vs keep more cash buffer?
- Any obvious risks I’m missing?
Also, one specific point I’m unsure about:
When buying out my partner, what is generally considered fair to repay?
My understanding is:
- Their initial deposit → yes
- Their share of capital repaid → yes
- But not mortgage interest or legal costs (as these are sunk/living costs)
Is that broadly correct, or do people typically handle this differently in practice?
Would really appreciate any insights.
Thanks!