Is it poss to get a mortgage to buy half our parents property

Kandyfloss_2

My partner wants to buy his parents house (he's a bit sentimental) But it's double what we can get a mortgage for.
They have talked about putting it up for sale before now, they have considered buying a smaller pad, seeing as they spend half of the year abroad in their other property.
I was wondering if his parents were prepared to sell half their house, would any lenders out there give us a mortgage to buy it.
My partner has had a mortgage in his own right for 2 years. Our next mortgage would be a joint one.

Mr_helpful

They could sell it at half price or the could have a joint mortgage with your partner but you cant really buy half a house unless its a shared ownership scheme

zipwen1

thats what my mate just did he bought his mums for half price then remortgaged it to pay her the other half. tax reasons i think

Kandyfloss_2

Mr Helpfull how would a joint mortgage work.
His parents own the house outright

silvercar

A joint mortgage with the parents would mean that all parties to the mortgage would be liable for the repayments.

If the parents wanted to give the house for half value, they could do that with you raising the half value on a mortgage and the other half being a gifted deposit.

toonfish

zipwen1 wrote: »

thats what my mate just did he bought his mums for half price then remortgaged it to pay her the other half. tax reasons i think

aye, stamp duty fraud by the look of it