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Joint mortgage with Brother in US
waterside90
Posts: 1 Newbie
Hi All
Hopefully someone can help / advise.
My wife and I are currently renting and want to get on the property market. While we can afford the mortgage payments, we just don't have the deposit to make it viable. My brother, who lives and works in the US with his wife, has kindly stepped in to say they will help pay the deposit but we are looking at the practicalities.
He does not own a house over here, and I am a first time buyer. His wage is 3x mine (approx) and his money he would use to help is sat in a bank in the UK (as would lose too much moving it to the US). Would it be best to go in as a joint mortgage or in my name only, with a legal document to clarify his deposit (as in, when the house sells he gets it back)? Are there tax or other implications we need to be aware of?
Anyone who can help in this situation would be appreciated!
Thanks
Rich
Hopefully someone can help / advise.
My wife and I are currently renting and want to get on the property market. While we can afford the mortgage payments, we just don't have the deposit to make it viable. My brother, who lives and works in the US with his wife, has kindly stepped in to say they will help pay the deposit but we are looking at the practicalities.
He does not own a house over here, and I am a first time buyer. His wage is 3x mine (approx) and his money he would use to help is sat in a bank in the UK (as would lose too much moving it to the US). Would it be best to go in as a joint mortgage or in my name only, with a legal document to clarify his deposit (as in, when the house sells he gets it back)? Are there tax or other implications we need to be aware of?
Anyone who can help in this situation would be appreciated!
Thanks
Rich
0
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