family shared mortgage

uptowngal

hi does anyone know if it is possible for a family ie brother and sister and there partners to get a mortgage together if they both already have a mortgage ? the property would not be a let property but for there parents to live in ?

Thrugelmir

Possible, but fraught with issues and complications.

Dave_Ham

Yes - but all sorts of implications so you need to get a broker on board for this one...

holly_hobby

Max amount of mge applicants is 4, with upto 3 salaries taken (not as a whole multiple, but circa 3xmain, +1, +1) - so if you need the 4 salaries you will struggle.

You are looking at a mge for dependant relative.

CGT issues for beneficial owners on disposal (with various ways to mitigate).

The mge for parents will effect the mortgagors (borrowers) borrowing capacity for any future mge arrnagements of their own - so do consider if this may cause future issues.

You also need to consider, if anyone wants to leave the arrangement how this will be managed, both financially and mge wise.

Spend an hour with a whole of market broker to examine youroptions - it is do'able - but will depend upon the applicants salaries, applied mulitples and status.

Good luck

Hope this helps

Holly