Mortgage Advice

Miss_underztood

Hi Guys, hoping someone can give me good advice. Story goes, my mother died and didn't leave a will, her house now belongs to myself and two brothers. I am currently in the process of buying one brother out as 2nd brother didn't want buying out. I was advised by the bank I was getting mortgage from that to buy one brother out, the 2nd brother's name would have to come off the deeds of the house. I told 2nd brother this from day one and said we can either get name put back on once 1st brother bought out or we can go to a solicitor and get a legal binding letter drawn stating his share. As it is coming to the end chapter in this, 2nd brother has been speaking to my solicitor who told him exactly what I told him from day one and now 2nd brother was his name kept on the house or for me to buy him out. I cannot afford to buy both out. My question is, can I keep 2nd brother on the deeds of the house and still go ahead with a mortgage to buy 1st brother out. My bank said for me to buy one out, other has to come off the deeds and no way around it. Can I get his name back on the deeds afterwards or will a legal binding letter drawn up with a solicitor stand. Hoping someone can help me out. Thanx in advance

ACG

I believe there is only one lender who will allow more on the deeds (ie more owners) than there are on the Mortgage and that is HSBC - but do not hold me to that. They may not do it at all or there may be more lenders and HSBC may not even accept you at all.

But you would probably still need the brother who will remain an owner to be in agreement that you can secure a Mortgage against the property.

Miss_underztood

I can't speak to my solicitors til Monday now but have just spoken to a mortgage advisor from HSBC and they said for me to buy one brother out the 2nd brother would have to come off the mortgage but they seem to think the 2nd brother would be able to have his name put back on the deeds.