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Mortgage advice - can we sell a share in our house?

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Sukydee
Sukydee Posts: 5 Forumite
in Mortgages & endowments
Husband & I in early 60s. House worth 250K. Mortgage 100K. We would like to release equity without moving. Son and family looking for bigger house.Could he raise a mortgage to buy half of our house? Could solve both our problems. Advice please.
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Comments

  • mrginge
    mrginge Posts: 4,843 Forumite
    No he couldn't.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    when does your £100k need to be paid.
  • betmunch
    betmunch Posts: 3,126 Forumite
    He could buy your whole house and you continue to live there. Would that be good enough?
    I am a Mortgage Adviser
    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.
  • Sukydee
    Sukydee Posts: 5 Forumite
    Hi Getmore4less, we have five more years to go on our mortgage.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    How do you plan paying that £100k?
  • glentoran99
    glentoran99 Posts: 5,825 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    mrginge wrote: »
    No he couldn't.

    Why not? wouldn't it be similar to co-ownership schemes, except the other owner is the parents rather than the co-ownership people?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 18 February 2016 at 10:02AM
    glentoran99 wrote: »
    Why not? wouldn't it be similar to co-ownership schemes, except the other owner is the parents rather than the co-ownership people?

    Co-ownership and shared ownership schemes involve social landlords (who have signed up to agreements with mortgage lenders about what happens if either want to repossess). Rather different from family members who will be occupying the property.
  • Sukydee
    Sukydee Posts: 5 Forumite
    getmore4less wrote: »
    How do you plan paying that £100k?

    We are paying it off at the rate of £1700 a month but we had hoped that if our son were able to raise a mortgage, our mortgage would be cleared by his mortgage.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    THat would solve part of your problem, that would not release equity though just stop your payments.

    But how would it help him move to a bigger house?
  • pollydollydoodah
    pollydollydoodah Posts: 73 Forumite
    Would the son move in ?
    Or do you mean as he's getting a mortgage anyway, he can add yours on?,
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