My ex and I bought a house 4 years ago for 700k in Ontario. He put a 200k down-payment and we’ve split everything eversince, and I reckon the house is worth 1mil now based on houses on our street.
We are splitting up unfortunately, but mutually at least. I’m not taking his 200k down-payment because that is his money even though we’re common law and I could theoretically split it.
I’d like to buy the house off him eventually, and thought I could use the equity from the house to buy it, but im not really well versed in how this works. Neive me thought that with the equity of the house I could simply apply it to a purchase of the same house as a down-payment. Turns out that’s not how it works and I’m feeling so lost.
Is there any chance I’ll keep my house, and how can I manage that when I don’t have enough money in the bank as a down-payment. Im a teacher and make a good wage (100k), and can make the monthly mortgage payments alone. Both our names are on the deed as well. Any advice or help would mean the world.