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Buying part of a house
Taz1
Posts: 3 Newbie
My dad and his partner brought a house a couple years ago with cash 50/50 they have now decided to split and dad wants to stay there I would like to buy her out and move in! Dad is 73 years old I am a first time buyer! Advice would be great thanks
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Comments
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Give us a rough hint as to numbers...
How much will 50% be?
What's your affordability for a mortgage like? Or, if you don't know, what's your income/savings/debts etc?0 -
It will be roughly 180,000 and I can afford a mortgage for that but I’m confused as one bank has said I have to get a joint mortgage with my dad to buy it surely that’s not right?0
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Yes, because you'll be jointly owning it.It will be roughly 180,000 and I can afford a mortgage for that but I’m confused as one bank has said I have to get a joint mortgage with my dad to buy it surely that’s not right?
Look at it this way... If you fall behind on repayments, how do they repossess just your half?0 -
Makes total sense now, feel abit thick.. we have the added issue of dads age. And getting a mortgage, the bank said the other option is to buy the whole house but the we can’t afford the asking price..0
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Your father would be a joint borrower - but if your income allows the payments to be covered, then his income is not going to be a big issue. There's plenty of couples get mortgages despite one partner not working.
It's a low loan-to-value, 50% at absolute maximum, lower if you have any kind of equity. It's not a big risk.0
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