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Buying part of parents' property?
BrunoM
Posts: 1,722 Forumite
Hi all
Who would be the right people to talk to if I want to explore taking a mortgage out to buy part of my parents' property? Mortgage brokers?
The idea would be that by doing so we a) free up equity for them, b) help protect our ability to keep living there at a future date after they have passed on, and c) get us on the mortgage ladder, but there's no way I can afford a mortgage on the entire property. I don't know if it's a good idea or not but I'd like to explore it.
Thanks for any insight or direction!
Bruno
Who would be the right people to talk to if I want to explore taking a mortgage out to buy part of my parents' property? Mortgage brokers?
The idea would be that by doing so we a) free up equity for them, b) help protect our ability to keep living there at a future date after they have passed on, and c) get us on the mortgage ladder, but there's no way I can afford a mortgage on the entire property. I don't know if it's a good idea or not but I'd like to explore it.
Thanks for any insight or direction!
Bruno
0
Comments
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You can't mortgage part of a property. You would have to mortgage the whole property jointly with your parents and become part-owner of the whole property.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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