Mortgage to Buy siblings out of inherited property

Jennab2112

I am about to inherit a share of a property with my 3 siblings and mum. I want to buy them out and can raise around 32.5% deposit (including my inheritence share of the total value which means I will need to raise a mortgage of around 67.5% in order for me to be able to buy the house. Unfortunately due to covid my salary has dropped by 54%!! which means that I would need to borrow 7.5x my current furlough salary in order to buy them out.
I have 2 questions; What type of Mortgage could I get and does anyone think think its realistic i can achieve this? I have a perfect credit score. On my old salary it would only be 4.5x my salary.....

Thrugelmir

Affordability is the key. 7.5x salary is pie in the sky.........

Jennab2112

Ok so on my current furlough salary i wouldn't have a chance?

getmore4less

Since your mum is in there as a beneficiary just checking there is no life interest on this property for mum and it is a straight absolute 5 way list of beneficiaries.

Who will be living in the place there may be options

Jennab2112

getmore4less said:

Since your mum is in there as a beneficiary just checking there is no life interest on this property for mum and it is a straight absolute 5 way list of beneficiaries.

Who will be living in the place there may be options

 @g@getmore4less  i'm not sure what you mean? My mother doesnt live in the property, I do? The property is split equally between the 8 of us as my mother is also inheriting another property.

getmore4less

With property the resident(often a spouse)  are given the right to live in the place(a life interest)  and we get people(often kids) saying I am inheriting when the are not as the property is really in a trust.
(I was just checking that something like that has not happened here,  did you the right to live there?) 


Anyway as you are living in the place and currently cant get mortgage to cover a buyout situation would your siblings + mum either wait or be happy with a payment plan for their shares until you can get a mortgage for the full amount?

foxy-stoat

Wait until your back earning 100% of your salary.