Please help. Need some expert advice.

Anthony_v1.0

We have been told by the majority of the high street banks that they will not give us a mortgage. Let me explain:
My partner & I are trying to buy a third of a property .
The property in question is worth £325k.
There are 2 other couples involved in this – couple A – who currently own the property, are moving out but retaining a third of the property.
Couple B have their own funds (no mortgage involved) in place for their third of the property.
We require a mortgage for £126k (£100k for the third of the house & £26k for debt consolidation & property renovation)
We have no deposit, and assumed that as the property is worth £325k – we would not need one – as we are only buying a third , not the whole house.
The banks reason for not wanting to lend is that it is too risky for them if we default, as the other two thirds of the property are / will be owned by the other couples.
Can anybody help us please, surely there is a lender who can help? Surely there has been someone out there in the same predicament as us? Would there be anyway around this mess.
Thanks in advance

kingstreet

Banks and building societies don't lend on parts of properties. As has been said, they can't repossess half a house, or a third of a house, so it's a non-starter.

For a mortgage application to be accepted, those named as owners of the property have to be named as borrowers on the mortgage. That simply ain't going to happen in the scenario you set out.

ACG

The property is worth £325k, you want to borrow more than a third for only a third of the house. - Thats too much risk for a lender already.
Secondly if you default they they have to evict 4 other people who own 66% (a majority share) - Thats unreasonable to ask a lender to ask a lender to do that...would you in their shoes?

To be quite blunt i dont think you have a hope in hell of getting what you want.

Thrugelmir

Anthony_v1.0 wrote: »

Surely there has been someone out there in the same predicament as us? Would there be anyway around this mess.

Doubt it. As your idea is a non-starter as has been already been explained above.