Buying with family! Is it possible?

srobbo74

Hi all

Here we go

Me and wife are currently renting
Found a house that we want to buy, but we plan to buy with mom, dad and brother to all live together in a fairly big house.

Parents are selling house to my other brother and are putting £117k 30% of house cost + stamp duty and costs down on the house.

Wife earns 39,500 me £13k self employed (part time) brother £22500 per year.

Needing a mortgage for about 265k

Questions are these type of mortgages available?
If so who with?
Any advice would be welcome

Thanks

Keep_pedalling

Are you and your brother putting any cash in? If not you will struggle to find anyone wanting to lend you 100% of your share of the house.

I hope you all get on very well, this is not something I would ever want to do.

srobbo74

We have funds to put in, but the plan is to use that for renovations.

Obviously this is a bit more complicated than I thought

glosoli

As far as I understand it, only four people can be named on the deeds of the property. Also, whilst they exist, it may be difficult to source a provider who accepts more than two applicants.

srobbo74

We will put our own paperwork in place to sort out ownership etc.

Me and my mother don't need to be on the mortgage, my income has been low since having our son.

Happy for wife and brother to be the two applicants

Thrugelmir

srobbo74 wrote: »

Happy for wife and brother to be the two applicants

Your parents have a financial interest in the property by virtue of the deposit they are providing. I'm sure that they would wish to protect this.

srobbo74

That's what I'm asking, parents just want to move out of the area they are in.
It's the right time for us all as a family, it's the professional legality of it that is what I'm looking into