mortgage to buy brother out

desperado1_2

Hi

I was wondering if someone can help me. I am looking to buy my brother out of our inherited property from my late father. It was left entirely to myself and brother. There is no exisiting mortgage on it and I have never had a mortgage.

Can I ask what type of mortage am I going to be looking at ie 1st time buyer, remortgage, home mover, someone told me it could be an equity buy out mortgage but cannont find out any information about this.

Any advise gratefully received

benjaminM

You are looking for a re-mortgage. Speak to a mortgage broker and try and get a deal with either a free or low cost valuation to keep costs down. You and your brother can then agree on a price etc. The lender (mortgage company) and your solicitor would need to arrange for a deed to transfer the ownership upon completion to you. The whole process should be pretty simple providing your affordability stacks up. Some lenders will also insist you have owned the property for a minimum of 6 months before you can remortgage. Ensure you arrange a meeting with a financial advisor who can explain things more fully to you.