Unusual First TIme Buyer Situation

tinkerbellkirst

I don't think this is possible at all.

As the house has no mortgage to release enough funds to buy out the husband the house needs to be sold. You can't buy half the house, if you got a mortgage for 60k this would be her effectively selling you the house for 60k which would be unwise as she then has no funds. Or she needs to go on the mortgage with you and pay half and live there, which I can't see her wanting to do seeing as she currently has nothing to pay out on the property.

If you want to buy the house, you need to buy the full 120k's worth.

Thanks

Jasmine86

Thank you for your input.

In terms of financial advisor / broker, if I'm looking for independent whole of market, will I get this by just going to my own bank, Bank of Scotland or is it recommend I go elsewhere?

- I checked unbiased and the closest independent mortgage advisors are around 30miles away.

I'm just wondering if it's my best bet going to my own bank or if that makes a difference.

Thanks again,

jamesd

Your own bank is unlikely to offer the best deal and unlikely to be willing to consider lending in the situation you have described. This is because her 50% interest would remain owned by her and make it difficult or them to repossess.

A broker might be able to find a way forward but the most obvious one is you and your boyfriend buying 100%. A mortgage for that would be fine if affordability was OK.

Another way is you and her on a 50% mortgage. Or you, your boyfriend and her on a 50% mortgage if you want your boyfriend to acquire a 25% interest in the property (and he would be foolish to do it without that). Or all three of you on a 43% mortgage using the £20k you have. Or just you and her if the lender dislikes a newly self-employed person which is quite likely, though with the other two it might be accepted. But a better deal for you and your boyfriend is to use the £20k to buy some of her share, so there will be less value appreciation to pay for when you come to buy the rest from her.

All those ways involve all of the owners of the property being active participants in the mortgage, which is what is needed for standard mortgages.

csgohan4

Money and friend's don't mix, things go sour what do you think will happen, both of your credit files will be ruined