Helping Brother get a place to live

carrotcruncher

Hi, long story short, my brother (48) was a home owner for many years. Had health problems, wife divorced him and has the children. He has had problems with work due to health issues and has changed job several times in the last 2/3 years. He will shortly be getting £40k from divorce (wife kept the house) and I want to see if I can help him get a mortgage (before the money gets whittled away on living expenses etc.).


Can I get a joint mortgage with him, he puts in the £40k as a deposit and we split the mortgage repayments? Could I get a buy to let mortgage, he puts the £40k as deposit and then he lives there paying rent which covers the mortgage?


I'm just after some initial advice to see what options are available before I take it any further. I currently have a mortgage owing £70k on a £200k house. I'm thinking there must be people who have had similar experiences trying to help family members?


I would obviously get professional advice before going ahead with anything. Thanks in advance for any advice.

mrginge

Hmm.
Buy to let mortgage where the tenant is a relative and puts in the deposit...

I think not.

You could potentially get a joint residential mortgage with him if affordability fits.

If he's going to spend the 40k on living expenses, what's he going to live on if he puts it all into a deposit?

Broker time methinks.