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Moving in with family member - Splitting the financing
jonoandheidi
Posts: 4 Newbie
Hello,
Fairly new to this so sorry if I do anything wrong!!
We (me my fiance and 2 young children) are currently considering relocating to a new area, and buying a 6 bed house with my fiance's brother.
He is looking to reduce his costs as he's moving from the south east further north - whilst we would be maintaining a similar financial commitment in terms of mortgage balance.
The brother in law has a significant deposit to put down whilst we would have much less but we are looking to own 50:50 so we would have a larger commitment to the mortgage than the bro in law.
We know you can't have 2 mortgages on 1 property, but is there a way we could finance the property with 1 mortgage which has a "split" in the repayments - i.e brother in law could have a mortgage balance with a 10 year term, whilst we have our part of the mortgage with a longer (say 20 year) term???
Thanks
Jon
Fairly new to this so sorry if I do anything wrong!!
We (me my fiance and 2 young children) are currently considering relocating to a new area, and buying a 6 bed house with my fiance's brother.
He is looking to reduce his costs as he's moving from the south east further north - whilst we would be maintaining a similar financial commitment in terms of mortgage balance.
The brother in law has a significant deposit to put down whilst we would have much less but we are looking to own 50:50 so we would have a larger commitment to the mortgage than the bro in law.
We know you can't have 2 mortgages on 1 property, but is there a way we could finance the property with 1 mortgage which has a "split" in the repayments - i.e brother in law could have a mortgage balance with a 10 year term, whilst we have our part of the mortgage with a longer (say 20 year) term???
Thanks
Jon
0
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