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Sign over house or get mortgage first
Calathea_2
Posts: 19 Forumite
Hi,
I am looking to buy my Mothers house and looking for a bit of advice. She intends to sign the house over to me and i then buy the other half of the house off my brother. This will involve getting a mortgage for 100k, the house is worth about 250k.
Just wondered which was the best order to do things.
o My mum signs the house over and then i raise 100k on it to give to my brother.
o I get a mortgage first, then the effectily buy the house from my brother.
What are the advantages of either method or does it not make a difference.
I am looking to buy my Mothers house and looking for a bit of advice. She intends to sign the house over to me and i then buy the other half of the house off my brother. This will involve getting a mortgage for 100k, the house is worth about 250k.
Just wondered which was the best order to do things.
o My mum signs the house over and then i raise 100k on it to give to my brother.
o I get a mortgage first, then the effectily buy the house from my brother.
What are the advantages of either method or does it not make a difference.
0
Comments
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i think i would buy the house off my mother, and then get her to give my brother the cash - that way you cant be blamed for anything going wrong, which it invariably does, when dealing with family and money0
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