Buying sibling out of inherited property

Buttons_Mum

Hello, I am looking for some mortgage advice. My sibling and I have inherited our mums house. Sister has her own house where as I rent currently. She is happy for me to buy her share of 50%. My spouse and I would like to buy the house. How do we go about this, what will we need as a deposit as well as me owning 50% of the house already. I am only looking for a 10 year mortgage as I could pay the mortgage off in that time using the same money I am currently paying out for rent. Our salaries would easily allow for the amount of money we would need on a mortgage. We don’t have the best credit scores though. No ccj’s or anything like that just not a very high score each. Any help really appreciated. 

getmore4less

Starting point is buy off the estate with a 50% mortgage as that is a normal everyday purchase that everyone understands.

Anything under 60% LTV gets good rates.

Often better to go for a longer mortgage and overpay as that give more flexibility.

Buttons_Mum

Thanks getmoreforless 
I think we can only get a short mortgage period as my husband is 56 so we could get 11 years maximum to his retirement age. 

Would we need a cash amount as a deposit too 

dimbo61

You don't need a deposit as you already have 50% equity.
You and your sister are also saving on estate agents costs so maybe a little discount from your sister.
Depending on pensions you might be able to get a mortgage till your husband is 70 however if you can afford a 10 year term you could be mortgage free home owners before retirement 👍