Mortgage for 1/3 of a house

GMS

3 x income is possible. May be worth a chat with a broker.

As a side issue you may want to look at any fees involved and pass these to your father. If he were to realise the funds through sale then he would be liable to estate agents and solicitors fees. May be a case to split any new fees with him.

warburtonr

I thought that by using the security of the house it should be simple to get a mortgage, regardless of the income. As the bank has the added security.

a x3 mortgage should be possible on any home assuming a decent credit history.

GMS

3 x income may well be possible but lenders will look at all aspects of finances such as credit commitments, history, number of children etc.

Any mortgage must be affordable. No amount of equity will replace an income.

warburtonr

So to summarise:

Mother and daughter set up tenancy in common (joint tenancy) confirming equity split.

Then a joint mortgage between mother and daughter can be taken out for the £75,000.

2 quick money saver questions

How much for the legal fees for a tenancy in common should we expect?

Going to go into the Nationwide as first port of call as it's the bank I have a current account with. What is there MSE credibility with mortgages? We also have a Santander here on the high st.

Thanks everyone for all the advice today - especially GMS and King Street:)

neverdespairgirl

warburtonr wrote: »

Would need 75k. The total value of house is 225k - income is 25k.

Thanks!

The value of the house isn't £225k, or it would have sold.

Daughter's getting a bad deal IMHO.

DVardysShadow

neverdespairgirl wrote: »

The value of the house isn't £225k, or it would have sold.

Daughter's getting a bad deal IMHO.

And daughter buying may mean no EA fees, so a discount on the agreed price?