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Buying with family now, changing to partner later
FusFlash
Posts: 1 Newbie
Hi
I am the first time buyer with a problem to solve.
I have the opportunity to buy the flat (huge!) I currently rent. There are 4 of us living in it, 2 couples, me and my wife plus my brother and his wife. We get along well and so on. Me and my wife want to buy the flat but it was not possible due to her doing only short contract jobs while finishing her degree.
We would be able to buy the flat if I applied for the mortgage with my sister-in-law. The deal would be that I provide the deposit and pay the mortgage (they pay us rent) and in 2-3 years when they want to move out and buy on their own we change the mortgage to me and my wife.
I do not know if:
- changing the name on the mortgage will be easy to do and what are the costs of that.
- It is hard to get a joint mortgage with the family member.
- I should be aware of any more complications (tax etc.).
I hope the above is quite clear and I would appreciate any help/comments on the situation.
Luke
I am the first time buyer with a problem to solve.
I have the opportunity to buy the flat (huge!) I currently rent. There are 4 of us living in it, 2 couples, me and my wife plus my brother and his wife. We get along well and so on. Me and my wife want to buy the flat but it was not possible due to her doing only short contract jobs while finishing her degree.
We would be able to buy the flat if I applied for the mortgage with my sister-in-law. The deal would be that I provide the deposit and pay the mortgage (they pay us rent) and in 2-3 years when they want to move out and buy on their own we change the mortgage to me and my wife.
I do not know if:
- changing the name on the mortgage will be easy to do and what are the costs of that.
- It is hard to get a joint mortgage with the family member.
- I should be aware of any more complications (tax etc.).
I hope the above is quite clear and I would appreciate any help/comments on the situation.
Luke
0
Comments
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If you decide (or it just happens) to start a family, she won't have an income to replace your SIL's...limiting your Bro&SIL's own purchase.
Why not with Bro? Doesn't change the problem, but seems a bit more tenous, not sure how lenders look at in-laws...
If its huge, are you sure its really a sustainable amount to spend/borrow ?0
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