Getting a mortgage on part of a home?

nickygen

Hi,

I was wondering what i can do, i own just over 3 quarters of a house worth c.£140,000 after it was passed to me by my mum,

my step dad wants his portion, £25,000, of this so we have put the house up for sale,

i would however dearly love to raise this money and keep the house, to keep it i will need to raise at least half of the amount his take his stake is worth

i am unemployed at the moment but looking for a f/t job,

is there any loans/mortgages i would be able to get or am i looking at having to let it go?

Thanks for the advice

Nick

getmore4less

£25k is 17.8% that leaves 82.2% if you own just over 75% who owns the rest?

Why do you want the place? what do you plan to do with it?

luckyfool

You are unemployed at the moment, you have no chance. Once you have been working 3 months you might be able to get something (or if it was a buy to let conceivably), but even then all owners of the property would need to be on the mortgage as well so you can't get a mortgage just on your bit of the house.

nickygen

i own 13/16ths of the house (this is paid and mine - left by my deceased mum in her will)

my step dad owns 3/16ths but is willing to let me have his stake for £24,000 so i can essentially keep my family home

so i own 13/16ths of the house but would like to get a loan/mortgage to buy it outright,

luckyfool

Right, thats straightforward then. It would be a remortgage with transfer of equity. However you are still not going to be able to do anything until you have an income/job.

getmore4less

nickygen wrote: »

i own 13/16ths of the house (this is paid and mine - left by my deceased mum in her will)

my step dad owns 3/16ths but is willing to let me have his stake for £24,000 so i can essentially keep my family home

so i own 13/16ths of the house but would like to get a loan/mortgage to buy it outright,

What do you plan to do with the place,

if live in it then you have no income to pay any debt.

If rent it out then you may have some options.

herbiesjp

As lucky states, no income = no mortgage.

The actual process is pretty straightforward, but unless you can pay for the mortgage via income, no one will agree it for you.

nickygen

thanks all.

how about a loan, same deal?

SambaRamba

It's a pity your stepdad can't wait six months or so while you sort the employment situation out, it would be a shame to loose your family home for the sake of £25k.

muskoka

suggest its put on the market for top dollar, so maybe it wont sell and in meantime get yourself a job damn quick so you can buy him out...

PasturesNew

This could get complex, but can you get a lodger (or 2) in while you're looking for a job, to be able to get a mortgage?
I presume you're living in the house now, so all you'd lose would be a single person's JSA of £50-65/week.

Then, with the lodger money, you could say to your step-dad that you'd pay the equivalent to him of interest he'd get on £25k (say 3%) which is about £60/month, and additionally paying him £X/month to chip away at the £25k until you can get a job and raise a mortgage?

Difficult to work out the numbers without details - and maybe he just wants £25k in his hot hand right now. Point out to him that it's your family home, the market for selling houses is really down - and he'd be better off with this arrangement and you going out of your way to get a job to get a mortgage.