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Can anybody give advice
Mailman_4
Posts: 2 Newbie
Hi.
My partner's father has passed away leaving a house worth £140,000 with no mortgage to pay.
The house and contents to be shared by my partner and her brother.
My partner wishes to buy her brothers half of the house, but doe's not have the funds to pay for it, is it possible to get a loan for this, as there would be enough equity left to cover any loan.
My partner earns approx 12000 per annum and has 20 yrs lof working life left, and I have pension of 13000 per annum. we really would appreciate some constructive advice.
My partner's father has passed away leaving a house worth £140,000 with no mortgage to pay.
The house and contents to be shared by my partner and her brother.
My partner wishes to buy her brothers half of the house, but doe's not have the funds to pay for it, is it possible to get a loan for this, as there would be enough equity left to cover any loan.
My partner earns approx 12000 per annum and has 20 yrs lof working life left, and I have pension of 13000 per annum. we really would appreciate some constructive advice.
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Comments
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is it possible to get a loan for this, as there would be enough equity left to cover any loan.
If the repayments are affordable, then yes.My partner earns approx 12000 per annum and has 20 yrs lof working life left, and I have pension of 13000 per annum. we really would appreciate some constructive advice
Being blunt, the income isnt enough to justify a £70k mortgage. Thats a 5.8 times multiple. Maybe in the pre credit crunch days but now it would be much harder.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thank you for the reply, we may need to only find 50k0
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what does she plan to do with the house? rent it out or move in?0
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