mortgage advice?

dazbfc

Hello

My Father recently passed away and has left his house our family.

Now it has been decided that the house if sold would be be given in 3 parts

45% to myself
45% to my Sister
10% to my Mum.

Now after a few lenthly conversations with my mrs we have decided we would love to keep the house in the family and buy it ourselfs.

Now only 1 of us works and brings in 10k a year. this is topped us with family and working tax credits £4440 a year.

Last time the house was valued around the 200k mark. not sure if it will fetch that now, its yet to be valued.

so i would need to find atleast 55% of the house value . Is there anyway the bank would give us the morgage with our low income?

Any help and adice would br greatefull.

Cheers

Dazz

JoeK_3

The only way that it would be possible is with the support from your mum.

Would that be possible?

JoeK

dazbfc

If by means of support you mean savings then no as she had really bad problems with Debt in the past.

don;t think anyone in the family as alot of savings anywhere!

I realise that our low income could put a dampner on things but i;d love the chance to keep this house in our family!

JoeK_3

If you could find a deposit of 15% you could rent the house out with a buy to let mortgage.

Could your sister help with your quest?

You could all do a buy to let together.

JoeK

arrowsplace

Could any one give me advice i would like to get a 2nd mortage to help my mother in law. She is 57 and just had a devorcie and can not repay a mortage.