We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Shared ownership buy out
Vaagstrom
Posts: 1 Newbie
Hi everyone (my first post)
I'll start at the begining
About six years ago myself and my brother were left two properties in a will with no ineheritance tax to pay (lucky us) so no mortgage to pay. Now the way the houses are split is that the house i live in i own exactly half of and my brother owns half, the second house which is next door is split the same way. We also have a tennant just recently moved in next door to me.
My brother lives in Worthing with his partner and both are desperate move so my brother has asked me to buy him out for the sum of £100,000 which to me is a very good price and an opportunity not to be missed. Obviously i know both houses are worth more. So to the questions:
1. As i've never had a mortgage before what mortgage type would i have to go for? eg a remortgage etc... Equity release seems out of the question as it seems that is for the over 55's
2. Can i remortgage against both properties to keep the loan to value rate low?
I will be contacting the solicitor who settled the original will and some mortgage advisors for advice but it would great to be armed with some knowledge.
Any help is gratefully received
I'll start at the begining
About six years ago myself and my brother were left two properties in a will with no ineheritance tax to pay (lucky us) so no mortgage to pay. Now the way the houses are split is that the house i live in i own exactly half of and my brother owns half, the second house which is next door is split the same way. We also have a tennant just recently moved in next door to me.
My brother lives in Worthing with his partner and both are desperate move so my brother has asked me to buy him out for the sum of £100,000 which to me is a very good price and an opportunity not to be missed. Obviously i know both houses are worth more. So to the questions:
1. As i've never had a mortgage before what mortgage type would i have to go for? eg a remortgage etc... Equity release seems out of the question as it seems that is for the over 55's
2. Can i remortgage against both properties to keep the loan to value rate low?
I will be contacting the solicitor who settled the original will and some mortgage advisors for advice but it would great to be armed with some knowledge.
Any help is gratefully received
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards