Mortgage when buying partner out?

I bought a house 8 years ago with a girl. We have a cohabitation agreement which states I will pay 2/3 of the mortgage and she will pay 1/3, but our bills are split 50/50. If we split up I am entitled to buy her out, but if neither can buy the other out we can sell up with 2/3 coming to me and 1/3 to her. The original value of the house was 鎷?2,500, it is now worth 鎷?75,000. I want to try to buy her out so I figure the following:

Increase in equity = @鎷?00,000 of which she is entitled to 鎷?3,000

Current mortgage value = @57,000

That means I need to try to get a new mortgage for @鎷?0,000 is this correct?

If it is assumed I have good credit history, no outstanding loans apart from the existing mortgage, what kind of salary ( before tax ) do I need to be earning to be able to get 鎷?0,000?

If it makes any difference, I part own another house, which is in England, but for different reasons I can't sell this house to help buy out for this house I live in

Thanks

Mortgage when buying partner out?

You've certainly got the math right, and I would go ahead and stick with just one mortgage here also. With short term rates being as high as they are, the cost that you will incur for the refinance will be offset quickly, since a rate on one mortgage will be cheaper than on a first and second combo.

As far as figuring out how much you would need to qualify, a good rule of thumb is to stay under around 38% total debt to income ratio. This is your principal, interest, taxes, and insurance or PITI along with any other reoccuring payments reporting on your credit divided by your gross monthly income.

In order to figure it out correctly, you'll need to get a rate quote to get an idea of what the total PITI will look like. Then, add the PITI to whatever your debts are month, divide it by your monthly gross income.