House purchase query

Cakeguts

I would like you to have a bit of a think about this. If your brother had not put some money into the family home you would not be living in it now. So your brother has paid for your housing. Now you are hoping to deprive him of some housing by not giving him the money that you are using to provide your housing. Is it fair that your brother should be housing you? You are expecting him to help you out but you are not offering the same favour in return.

Please explain why you think you have the right to keep his money and use it to make your housing costs cheaper?

Your expenses are nothing to do with him. But you do have to consider that whatever you spend your money on is nothing to do with him he doesn't get a say but you are using his money to allow you to have a lifestyle that you would not otherwise be able to afford. Why do you think that this is fair to him? Basically what you are saying is that he has to wait 3 years until you are ready to pay him his money out of this property but why does he have to wait 3 years when you were not prepared to wait 3 years before you spent your money?

At the moment what you are doing is not nice. You are using his money 40K to pay for a lifestyle that you can't afford. Why should he be paying for your lifestyle choices.

Now you say that he spent his money for a deposit but that makes you equal because you have and still are spending the money that you could be paying on a mortgage to release his share. So you do not have any more rights in this than he does. The only difference between you is that he has more money that he has in your house and you are depriving him of it so that you didn't have to go without anything that you wanted.

You are making excuses. The fact that you could not be on the mortgage at the time that your brother and your father were put on it doesn't mean that you have unilateral right to say when your brother can get his money out of your house. He is totally within his rights to have it now. If you can't afford to give it to him then you need to sell this house and buy one that you can afford on your own without the use of money from your brother.

ANDR£W

"You can choose you're friends,But no you're family.

steampowered

Have you checked how much your monthly payments would be affected by your brother's plan?

The MSE mortgage calculator suggests that monthly payments towards a £40k 25-year mortgage would be about £150 a month. That is not a lot of money.

Surely it is in your interest to own an equity share of the house you are living in? If you wait 3 years, house prices may have increased and it may cost more to buy your brother out then.

Jc1984

Okay so when the house was purchased I could not be on a mortgage I lived in the house for 6 years and paid the mortgage and had lodgers to do so. So then to demand 36k when you haven't paid any money is fair when it comes tI family ?. We don't have any unresonable lifestyle at all and budget to the last penny. And 40 k mortgage I wish.

Cakeguts

Jc1984 wrote: »

Okay so when the house was purchased I could not be on a mortgage I lived in the house for 6 years and paid the mortgage and had lodgers to do so. So then to demand 36k when you haven't paid any money is fair when it comes tI family ?. We don't have any unresonable lifestyle at all and budget to the last penny. And 40 k mortgage I wish.

Your dad and brother did not get a 100% mortgage? They must have put some money into the property. 6 years of paying rent has not given you the equivalent of £40K that belongs to your brother.

You are making excuses again to justify your right to your brother's money in the house you live in. If you can't afford to pay him back by getting a mortgage then you will have to sell the house and move. He can't buy a house at all because you have his money in yours. If you allow the house you live in to be sold and buy one you can afford without your brother's money the problem will be solved. You will have somewhere to live and he can buy somewhere to live.

Jc1984

Read my first post ex council house so rite to buy was the deposit so no money wad put in by them .

steampowered

Jc1984 wrote: »

Okay so when the house was purchased I could not be on a mortgage I lived in the house for 6 years and paid the mortgage and had lodgers to do so. So then to demand 36k when you haven't paid any money is fair when it comes tI family ?. We don't have any unresonable lifestyle at all and budget to the last penny. And 40 k mortgage I wish.

This is a separate point - you are now asking whether you should pay your brother at all, rather than simply when.

If you paid the mortgage, and he did not pay anything to the mortgage, then I can understand why you think he should hand over the equity to you.

Was this discussed when the house was bought six years ago? You say there was an "understanding" about what should happen with the house, but it sounds like your brother does not have the same "understanding"!

Jc1984

All I want is to give him his equity in a year or two not now as he has demanded it. Was fully discussed when the house was purchased 6;years ago

csgohan4

This is why Family and money shouldn't mix


Look at it from your brother's point of view, he cannot buy another house without getting extra stamp duty, he needs the money and it is time you have your own place.


Without his help you wouldn't have a house to live in for 6 years. Understanding and compromise goes both ways. If it's not written down it didn't happen, you say he says e.t.c.


Your brother is not a charity, he has to make his own way in life, perhaps he has a partner and wants to buy his own flat or something.


Whether you pay the rent or bills is irrelevant, because your supposed to like a tenant, if not you would be living somewhere else?


How is living in rented accommodation via the council or estate agents any different? Neither are secured forever

marliepanda

Am I right in thinking this was a residential mortgage that they took out, so already mortgage fraud, and I bet HMRC knows about the tax income too...