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buying property with brother
snooping_around
Posts: 125 Forumite
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Comments
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If you're the only one working you will be the only one raising a mortgage on the property.
You cannot "transfer" a mortgage from one party to another. Your brother will have to raise a mortgage in his sole name and buy the property from you so you can settle your own mortgage in full.
This sounds like a plan which might have to be put on hold until your brother is in secure employment for a bit unless you can raise and pay for a mortgage on your own.0 -
You would need to take a joint mortgage if he does not work. He'll be classed as dependent on you and this will give your borrowing power a knock.
Once he has been employed for a period long enough and if he earns enough to satisfy the lender, you can apply to be removed from the mortgage and the ownership of the property by transfer of equity.
The typical cost is between £400 and £600, depending on lender and solicitor used.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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