Half the house

Bilgeman

I wonder if anyone here has any experience with this kind of thing. My mother died recently and my son has been living in her house but now my brother wants to sell the house to realise his half of the value. I have tried to get a mortgage for half the price so that my son can buy my brother's half but with no success. Does anyone know of any lenders who might specialise in this kind of thing using my half of the value as a deposit? Thanks

kingstreet

You own half the property? You now wish to purchase the other half of the property from your brother?

Why were you unable to get the mortgage? What's the problem?

Does anyone know of any lenders who might specialise in this kind of thing using my half of the value as a deposit?

Did you not try to raise the mortgage like this already? There is nothing unusual or difficult in this transaction, so I guess there's something in your financial make-up affecting your ability to get a mortgage?

Bilgeman

I don't know. It's odd. We went to Barclays and they said my son's name already had to be on the deeds which seems a bit odd as the whole point of trying to get a morgage is that they aren't??? Trying others anyway. Thanks

kingstreet

I don't understand why your son is involved in this?

You own the property with your brother. You are purchasing your brother's equity with a mortgage in your sole name?

This is a simple remortgage of an unencumbered property for the purpose of purchasing the remaining equity.

As long as you are not going to let the property, it's a straightforward residential purchase for a family member.

McKneff

I'm reading that the mother wants to get a mortgage then give the money to her son to buy the brother's half our.

So then mother and son both own the house.

kingstreet

McKneff wrote: »

I'm reading that the mother wants to get a mortgage then give the money to her son to buy the brother's half our.

So then mother and son both own the house.

I think you may be right. It's not clear. I presumed the siblings own the property between them and the parent wants 100% ownership to enable the son to continue living in it. I'm not now sure I'm right.

OP - can you please clarify who inherited the house and who currently owns shares in it.

Who is/are going to be the 100% owner(s) and who therefore needs the mortgage?

Thrugelmir

kingstreet wrote: »

I think you may be right. It's not clear. I presumed the siblings own the property between them and the parent wants 100% ownership to enable the son to continue living in it. I'm not now sure I'm right.

The mother has recently died.

So it seems that the OP and his brother have inherited the house on a 50/50 split.

The OP's son currently lives in the house and wishes to acquire 50% from the OP's brother.

A joint mortgage will be required in order to purchase the other share.