First time buyer-help needed!

takarla

Hey, my boyfriend and myself are looking to buy a house which my uncle has left in his will between myself, my mum and my two older brothers. I have some savings in which i was going to put towards the deposit, however i'm unsure how to go about this as the majority of my deposit is tied up in this property.

So my question is, how do i go about getting a mortgage on a house i already own a quarter off, to buy out the remainding sum?

Thanks, Maria :wave:

hcb42

your deposit is the 1/4....plus anything else youhave...

so effectively you need to mortgage the property to pay off the other three parties i.e. complete the transfer/sale. I would have thought this was doable, most deposits for people moving home are tied up in the first property..