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Buying Family member out of Inherited house
croft08
Posts: 22 Forumite
Hi all,
I jointly own (50/50) a house which me and my sister inherited. My sister does not want to be involed with the house and would like me to buy her out of it.
The property is rented out with a decent monthly income. To complicate issues, I do not have a 'regular' income as I recently (1-2 years ago) started a business and I don't yet take out a regular salary, only dribs and drabs as the rest is reinvested into the business.
I am confused by what type of mortgage I should look at or even how to go about this as I have never had a mortgage before. Any advice would be appreciated.
I jointly own (50/50) a house which me and my sister inherited. My sister does not want to be involed with the house and would like me to buy her out of it.
The property is rented out with a decent monthly income. To complicate issues, I do not have a 'regular' income as I recently (1-2 years ago) started a business and I don't yet take out a regular salary, only dribs and drabs as the rest is reinvested into the business.
I am confused by what type of mortgage I should look at or even how to go about this as I have never had a mortgage before. Any advice would be appreciated.
0
Comments
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You would need a buy to let mortgage - There are lenders out there that require no minimum income but it may be best to engage the services of a broker as there will be other factors to considerI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Does she need all the cash up front?
If not she could become your lender,
You buy the place off her and take over everything.
She sits back and collects what is an agreed payment plan.
(with suitable charge on the property to stop you flogging it from under her feet and running off with the money)0 -
Yes she wants payment up front. Otherwise she might as well keep hold of it and make more onthe rent probably. So mortgage it is!0
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You need to be careful here as the dates when the property changed ownership can be a factor for the mortgage funding. Use a good broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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