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shared mortgage
coste
Posts: 1 Newbie
Hello,
I wonder if anyone can help a first time user.
My mother owns her own house (no mortgage) I would like to buy 25% of the house off her. We don't want a joint mortgage because that will effect her will, as she plans to leave her percentage of the house (if I am able to buy it) to all her children.
Does anyone know if it is possible to buy part of a house off someone? Is this a shared mortgage?.
Any advice would be much appreaciated
I wonder if anyone can help a first time user.
My mother owns her own house (no mortgage) I would like to buy 25% of the house off her. We don't want a joint mortgage because that will effect her will, as she plans to leave her percentage of the house (if I am able to buy it) to all her children.
Does anyone know if it is possible to buy part of a house off someone? Is this a shared mortgage?.
Any advice would be much appreaciated
0
Comments
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The mortgage would need to be in joint names im afraid otherwise the mortgage company wouldn't be able to repossess if you failed to make your repayments. They couldn't come and repossess 25% as they would never be able to resell.
A tough one to get round I'm afraid!0 -
We don't want a joint mortgage because that will effect her will,
Not sure why it affects the will.
If Mother and OP have a joint mortgage (to keep lender happy) but they sign a trust deed to say the house is owned 75/25 mother/OP and OP agrees to keep up the mortgage payments and indemnify mother in respect of them, then when she dies house is entitled to 75% of property. OP is entitled to 25% and has to repay the mortgage out of that when it is sold. If it has gone up in value then OP will make a profit on his share - if not OP has to make up shortfall to his siblings.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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