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Joint mortgage with family? A good move?

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yodudette Posts: 15 Forumite

23 January 2007 at 6:27PM in Mortgages & endowments

Hiya,

My dad currently has a sole mortgage on our property and as a single person there is no way I can afford to get onto the property ladder, so my dad has offered for me to buy into the family home.

The house is worth approx 360,000 maybe more, with a mortgage of about 110,000, I think I could only get between £55000-£60000, so 1/2 of whats left owing on the house. Without this helping hand I cant get on the property ladder, there are no plans to sell the house just yet, but a contract would have to be made up so dad gets the majority share when/if the house is sold.

I have a brother who, if anything happened to my dad would get a share of the property, so my father's will would have to reflect this change. Is there anything else I should think of? And whats the first steps we should take if we decide to go ahead and get a joint mortgage?

Thanks in advance to anyone who can offer any help or advice.

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