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can I get a mortgage?

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fatfires Posts: 13 Forumite

13 August 2012 at 1:43PM in Mortgages & endowments

I have been left part ownership in my late mothers house, we currently live in it and have the agreement that the value for the share valuation is at 2002 value plus inflation as we have been improving the house over the last 10 years. The house still has the potential to increase further but to realise this I need to buy out my relative to be sole owner and so that they have their inheritance. The value of the property is around £400k and I need £110 k to buy out, I also have around 30 k of savings, but need that to cover the repayments whilst I get the property to its ultimate value of 450k+ as I have little income (I cover living expenses) and need a time scale of about 2 years. The property also has land (a possible option to develop too if I own) any suggestions of ways forward?

OK so I act like him but my name aint Meldrew ]
Tony

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