shared home owner: should I staircase with my brother?

venus_12

I need some advice, I’m a shared home owner and the time has come for me to try to staircase to buy my property outright. I say buy it outright because the housing association rent increases yearly, although I’m comfortably paying this alongside my mortgage, I think if I can pay this, I can surely manage the full mortgage for this property. I’m even more committed to the idea of buying it outright as I’m keen to avoid paying for a surveyor twice and the housing association administration costs twice and then mortgage and solicitors fees twice.
So I’ve had the flat valued. It’s now £350k. I bought 40% of the property back in 2008 when it was £218k. I earn just under £ 40k and save £700 monthly. I’ve been to one financial advisor who says I cannot afford to buy it outright but I can buy another 25%.This isn’t what I wanted to hear quite frankly.
I have savings of 10k which I will plough in if need be (though I really don’t want to). My brother is thinking about coming in on the mortgage with me. . He is full time self employed, has his own mortgage, a wife and 2 small children, he’s recently moved house himself and will need a loan shortly to complete some necessary home improvements. What are the implications for him? He is not investing any money into the flat although I understand if for whatever reason I am unable to pay the mortgage he is liable to pay it.(although in the 8 years I’ve been in the flat, this hasn’t happened yet).
I was ultimately thinking, if I could get a fixed term mortgage then maybe take him off once this term is up.? but to be honest I have little knowledge about mortgages etc, but would love to take my brother up on his offer as (disappointingly), it feels like that is the only way I could buy my home outright, relying yet again on someone else’s help .
I have spoken to Barclays/Woolwich who say it is do-able and not so unusual .it's just that the bank is not impartial and I just wanted to know if anyone has actually done this or whether anyone has any professional experience of advising someone in a similar position.
Please, any advice would be hugely appreciated, especially for my brother. Thanks! !

stator

It sounds complicated. So if he has no deposit to put in, is he going to make part of the mortgage payments? Or are you just putting him on the mortgage to help you pass affordability?
You haven't said how much of the old mortgage is paid off and how much outstanding?
But to be honest I think you need professional financial advice.

venus_12

For the 40% I own, my mortgage total at the time of initial purchase was £87k, it is now £71k . To staircase i need to raise £210k plus my old mortgage.( £280k in total).

Yes my brother has offered to come in on the mortgage to help me pass affordability.. He won't be contributing to the actual mortgage payments.
But he wants to know what the implications for him would be.. perhaps in terms of future borrowing and/or anything else really.
Thanks.

stator

Well it would show up on his credit report and affect his ability to get credit. If you didn't pay the mortgage he would have to, so all lenders would subtract it from his income when working out how much money he has.