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    • sarathomson13
    • By sarathomson13 12th Oct 16, 8:46 PM
    • 2Posts
    • 0Thanks
    Buying family out of inherited house...options.
    • #1
    • 12th Oct 16, 8:46 PM
    Buying family out of inherited house...options. 12th Oct 16 at 8:46 PM

    Looking for some advice on options to help my boyfriend. He is a self employed photographer and for the past 3 years he has had to sacrifice his work to look after his mum who had MND. She sadly passed away earlier in the year. The house he lives in has been left in the will to the himself and his 2 brothers.

    His brothers are happy for him to buy them out. The house is worth approx 120,000. He will need to pay 40000 to each brother. He currently has 30,000 saved to pay one brother but will need an extra 50,000 to buy them both out completely.

    He is concerned that he will not be able to get a mortgage because the past few years his self assessment payments have been very low. Approx 12000 a year.

    1. Are there companies that would give him a mortgage with his recent low earnings and being self employed that wouldn't give him a horrendous interest rate?

    2. I am wondering if there are options for me to be a guarantor or potentially get a joint mortgage with him. I know for his pride he is keen to have the house in his name but would like to help him keep the house if he is unable to get a mortgage on his own.

    Just wondering if there are any other options that I am not considering?

    I know I probably need to find a local financial adviser to discuss things further but keen to know what options to ask them to look into.

    Any advice would be gratefully received.


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    • SavingSteve
    • By SavingSteve 12th Oct 16, 9:18 PM
    • 448 Posts
    • 195 Thanks
    • #2
    • 12th Oct 16, 9:18 PM
    • #2
    • 12th Oct 16, 9:18 PM
    Don't know why you need a local financial advisor, any good all of market mortgage broker should be able to help, local or not.

    At face value a 50k mortgage on 12k salary is not beyond the realms of possibility. Combined with self employed status mean this could be tight though.

    Can his brothers wait whilst he saves up some more?
    • sarathomson13
    • By sarathomson13 12th Oct 16, 9:30 PM
    • 2 Posts
    • 0 Thanks
    • #3
    • 12th Oct 16, 9:30 PM
    • #3
    • 12th Oct 16, 9:30 PM
    There is a lot of tension between them all. The other 2 want their money. My boyfriend took the main role in looking after their mum as the other 2 had children and didnt want the responsibility. After a messy few years their relationship is strained. He had hoped his younger brother would give him some time to save up. He has give him an ultimatum of paying him his 3rd or to pay him 3rd rent for the house for the next 15-20 years and then pay him after this time the 3rd value of the house at that future date. I think my boyfriend feels he would rather have the house signed over and his brothers out of his hair and let him finally move on with life.
    Last edited by sarathomson13; 12-10-2016 at 9:35 PM.
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