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Mortgage for half a house - advice please!
J1601
Posts: 2 Newbie
Hi,
I am new to the forum and I was hoping to get some advice! A close relative recently passed away, leaving their house to my mum and her sister, who plan to sell it in the coming months. I was wondering whether it would be possible for me and partner (both first-time buyers) to secure a mortgage to buy out my aunt, while my mum retains her half of the property (which she is happy to do - she does not own any other properties, nor does she have any other mortgages etc) because we would not be able to secure a mortgage big enough for the whole house on our own.
Is this plan feasible? Or is there another way to go about it?
I am new to the forum and I was hoping to get some advice! A close relative recently passed away, leaving their house to my mum and her sister, who plan to sell it in the coming months. I was wondering whether it would be possible for me and partner (both first-time buyers) to secure a mortgage to buy out my aunt, while my mum retains her half of the property (which she is happy to do - she does not own any other properties, nor does she have any other mortgages etc) because we would not be able to secure a mortgage big enough for the whole house on our own.
Is this plan feasible? Or is there another way to go about it?
0
Comments
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You can't mortgage half a house - how would the bank repossess and sell "their" half? You would need to include your mum in the mortgage. Who's going to be living there?2
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It will be just me and my partner living there, but obviously sharing ownership with my mum.0
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How old is your mom?
Is she in receipt of benefits?
Mortgage started 2020, aiming to clear 31/12/2029.0
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