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    • Jemmajane
    • By Jemmajane 7th Jul 17, 8:34 PM
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    Jemmajane
    FTB Buying a share of parents house
    • #1
    • 7th Jul 17, 8:34 PM
    FTB Buying a share of parents house 7th Jul 17 at 8:34 PM
    As a FTB can I get a mortgage to buy a share of parents house, to enable me to get onto property ladder and also free up a lump sum for parents to buy a second smaller property?
    I will be living in their current house and they will move into the smaller property.
    Thanks.
Page 1
    • 00ec25
    • By 00ec25 7th Jul 17, 8:45 PM
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    00ec25
    • #2
    • 7th Jul 17, 8:45 PM
    • #2
    • 7th Jul 17, 8:45 PM
    the mortgage lender normally requires all legal owners of a property to be on any mortgage secured against the property. You would need a joint mortgage with your parents given your proposal. Not impossible, but may raise extra issues.
    • Bossypants
    • By Bossypants 7th Jul 17, 9:08 PM
    • 502 Posts
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    Bossypants
    • #3
    • 7th Jul 17, 9:08 PM
    • #3
    • 7th Jul 17, 9:08 PM
    As a FTB can I get a mortgage to buy a share of parents house, to enable me to get onto property ladder and also free up a lump sum for parents to buy a second smaller property?
    I will be living in their current house and they will move into the smaller property.
    Thanks.
    Originally posted by Jemmajane
    If you have enough to give your parents to enable them to buy a smaller property, why don't you just buy the smaller property yourself?

    Apart from anything else, if you do as described above, your parents will be hit with the higher stamp duty.
    Jul-Dec Cookie Jar Goal: £102.37/£600
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