Advice needed please

bodie3

Hello, I'm hoping someone can help me.

A very long traumatic story short, my husband and I lived with my in-laws in their house & I cared for both of them for approx 10yrs.

When they both passed away 3yrs ago they left the house to my brother-in-law (also lives in house) and my husband.  My husband passed away last year and left his share to me.  My brother -in-law owns the other half and we are currently living in the house together, although he works and pays towards bills, he is a very aggresive person (have mutliple holes in walls etc) and he does nothing as far as looking after the house/garden.

I know the sensible thing to do would be to just sell up and go our seperate ways, but I've lived here for 15yrs and just have so many memories/emotions to the place,  I have lovely neighbour (who is essentially my support system!), plus it has a lot of potential to be really nice/it's close to work etc.

The house is owned outright by both of us, mortgage free and we have a 50/50 share as tenants in common.

The house has been valued at around £210k.  I would also like to be able to borrow enough to renovate the house, *(ideally 25k but would happily defer that bit if it helped with my chances) so guessing that would mean I would be needing eith a £105k or *£130k mortgage?

I earn £1200 a month & have no debts/cards etc and according to Experian my credit is good.

I have a spreadsheet for my actual outgoings, bills incl. car/travel etc come to approx: £450 and I'm super tight budgetwise on food etc  

I have a small savings of approx 2.5k

Would I have a snowball's chance in hell of getting a mortgage for that sort of amount to buy him out and would my share/equity in the property help me in anyway?

Thank you for taking the time to read and in advance for any replies.

K_S

@bodie3 Based on the limited info in your post, to borrow 105k you are likely to require at least 21-24k of gross annual income. You don't need any deposit as you already have 50% equity.

McKneff

Does he actually.ly want you to buy him out.

bodie3

@K_S thank you for your reply, it has given me more clarity on what I need to do for this to be achieveable, obviously going to take me longer but given me a bit of hope.

@McKneff - we have discussed it and he's on board with it, he said he has literally no interest in the place.

dimbo61

He may say that but when push comes to shove he has a Rent/Mortgage free home and does Nothing around the house but damage it when he Loses the plot ( After drinking ??? )
Does he work ?
Where will he live if he gets half the equity in the property ?
How much does it cost to rent in your area ?
Would he buy a property nearby ?
Could he get a mortgage.
Good luck