Can sister buy me out??

GeniusGenie

I was just wondering what mortgage providers currently ask for in terms of proof of earnings at present, can anyone help me? I know it used to be three months worth of payslips, bank/loan/credit card statements etc etc but obviously the climate has changed alot.

The reason I ask is that I own a property with my sister and would like to sell so that I can invest the money elsewhere. My sister is currently trying to work out if she would like to sell up, or buy me out.

She has about 8-10% equity in the property, but I think, she has debts of 50K+, although I can't be clear on that figure. She is currently working abroad (will be tax exile in next tax year) and is earning €84 with no living costs (I know, amazing!!) but is currently on probation in the role. She is due to find out imminently if it is permanent although there is no reason to think otherwise. Prior to this role starting last Sept she was a freelancer and has her tax/income records up to date but she has not earned over £20k in the last four years. Our property has been valued at 250k, and her portion of the mortgage is about £100k.

Based on the above is there any chance of her getting a mortgage? I would have thought it unlikely? Any advice you could give me would be much appreciated. I'm hoping we can sort this all out so we are both happy.

Thanks for reading this far!!

Cannon_Fodder

Not much chance, no.

If not in negative equity, sell before you are? To avoid owing more money on top of your other debts.

Curious as to the investment opportunity that will earn more than your loan/cc/od interest rates.

BitterAndTwisted

I wouldn't lend your sister a fiver while living outside of tis country in a brand-new role with those sort of debts around her neck.

Buy her out or sell would be my advice

GeniusGenie

I would like to sell so I can invest my money in another property with my partner. My sister would like to buy me out but I don't think it is going to be possible because of her debts, and the fact she has very little equity, when we sell I should come out with a nice profit, her less so.

My decision is made, I am going to sell, but she would like to 'investigate' the option of buying me out, or sell and go our seperate ways. What I am trying to avoid happening is her stalling the process with unrealistic ideas of buying me out. She has contacted an IFA so he can help her, it was only 2 weeks ago that I started the ball rolling so she's not been idol.

Its tricky, I want out, she probably doesn't and I am hoping she sells willingly rather than me having to force the issue.....

BitterAndTwisted

As you are co-owners forcing the issue might not be possible. Depends on how realistic and/or intransigent your sister might be once faced with the reality of her situation.

Still, it could all work out OK IF she is offered a full-time, permanent position. Being resident abroad might be the tricky part.

Fire_Fox

I'd be amazed if your sister gets a mortgage without a fraudulent application. Banks are now taking your gross deposit and subtracting the amount of your debts to get your net deposit ....

If your sister is abroad I'd start the process of getting the house valued by a few agents and possibly getting it on the market. She will never know!

GeniusGenie

I have the agents lined up ready to go.... Just need her co operation!

Fire Fox - I agree, that's what I thought, no chance. Its never going to happen.
I am waiting for the IFA to explain that to her...