Joint Mortgage with a non-resident?

JamesW80

I want to buy a house for my young family and I to live in, but, as is often the case these days, am not in a financial position where four or five times my salary is going to be sufficient, even with a reasonable deposit. My brother, on the other hand, already has a place and mentioned the other day that he has some money to invest, potentially in buy-to-let property.

We have subsequently discussed the possibility of buying a house together, where we pool resources and my family and I move in. We would then pay the mortgage (in theory, half of what we pay is rent to my brother, which pays off his half of the house). In the long term, we would look to buy him out of his half of the property. It seems to me that this should be a relatively straightforward arrangement, but it is very difficult to know where to look for information online or, indeed, what sort of mortgage this would require. Given the fact that there seem to be "buy with your parents' help" type mortgages around, could we look at using the same sort of thing, or would we need to look for something different? Where is the best place to go to look for advice?

Many thanks for any help that can be offered!

Floxxie

I too would be interested in the answer (if there is one) to this.

Can anybody assist?

Dave_Ham

This is achievable with advice from a broker on the most suitable lenders (some lenders will allow this)

It is fraught with getting the legal side of this completed appropriately, as all of the brokers on here would have seen this story end horribly.

If this is completed managed appropriately it can be achieved, subject to the absolute detail of course.

All the best