Unable to buy in full - buy part of parents house???

VIXEN83

Hello

I presently live with my parents - I can't afford to move out alone and shared ownership schemes are entirely unsuited.
My parents own the house that we live in outright, both are under 60. Mum is retired due to medical reasons and dad looking like he's going the same way. He's too worried about money to quit, or even cut down on hours/overtime, for his health.

They have suggested that I buy part of the house from them - the house is worth £250-300K. I could probably afford a third. All household bills would be split as the equity is i.e. I buy 1/3 I pay 1/3 Water/Rates/Electric ETC
They get a lump sum without having to move and to make the last few working years a little easier - i finally get a step on the ladder. Instead of paying them rent I'll be paying into my own mortgage and sharing bills.

We all live there until they do officially retire and then move - when we sell we take out our percentages.

Is this even possible? Would this be covered by regular mortgage providers? Is there any implications of this I haven't considered?

My siblings are fine with this. It makes no financial sense to move out earlier than their retirement, this way i'll be paying into something that'll be worth something at the end of it. Probably looking at committing to ten years. Can't help but feel i'd be taking advantage of them

Just suggested it yesterday - reeling a bit - anyone any thoughts/suggestions????
Haven't got a clue about these things and dont know where to start!

Conrad

Doable in theory, but the details matter. All 3 of you will be on the mortgage deed, so all 3 will be assesed which will include age considerations. Your income plus pensions and if still present your Dads income will need to cover all debts.

Entirely possible though.

VIXEN83

Sounds doubtful then - their age and health problems have left them unable to take out even a personal loan in recent years...