Buying a part share of house

Bevarama

Currently I'm renting and looking to get on the property ladder but don't have a huge amount for a deposit at the moment (could cover 5% of a house purchase but not 10+%).


Simultaneously my grandmother is looking to release equity from her house(it's mortgage free) to free up cash to buy/move into a flat with other relatives, with the option of renting out her property to pay off such equity release.



Alternatively, we are wondering how difficult would it be for me to get a mortgage to purchase 50% of the equity, with her retaining the other 50%, which would avoid the bother of renting it out. Does anybody know the process for doing this and any complications?

dimbo61

None starter
What happens if Gran needs to go into a nursing home ?
Who is going to live in the property.
Is it what you really want as your first home ?

csgohan4

Why would you do this, 'just to get on the property ladder'. with no access to the equity and second home stamp duty if you buy another house.

Luckily for you, most mortgage lenders don't lend on a bit of a house

Shared ownership is an option but is a Scam IMO

Equity release is also another scam imo, have you dont research on it and the pitfalls? that is for your grandmother to decide