Mortgage Advice

juliesmiles

Hi,

I along with a friend own 60% of a mortgage (joint mortgage of 30% each) and a Housing Association owns the other 40%.

I would like to buy my friend out, can anybody advise how I would proceed with this, I presume I would need to get the property valued to find out what our 30%'s are actually worth.

I am interested on any advice that can be given as to what my options would be against the mortgage. If I have a tenant lined up to move in and rent the other room would I be able to get a mortgage to rent for my friend's 30%??

Any help would be greatly appreciated.

poppy10_2

juliesmiles wrote: »

If I have a tenant lined up to move in and rent the other room would I be able to get a mortgage to rent for my friend's 30%??

Which scheme are you in? Most shared ownership schemes prohibit you from letting out the property.