Mortgage to buy someone out

diz79

Hi

Sorry if a basic question, would be great if someone could help, an elderly relative passed away and the house was left to mt Dad and Auntie several years ago, my Auntie has now decided she wants to sell, me and my dad want to keep it, but dont have enough money to fully to buy her out. Im going to say its worth 400000 to keep it easy, so we need to find 200000, we can only find 100000 with our combined savings so theres 100000 left can I get a Mortgage on this last part? Ive never had a mortgage. I also have savings with a help to buy scheme for first time buyers can I use this, or is it only on a new build or full mortgage? Is there any other ways of buying her out, I imagine we could possibly remortgage my dads share to buy her out maybe, does anyone have any ideas or experience of this kind of situation?

Any info would be greatly recieved

Thanks in advance

K_S

@diz79 In principle, there's nothing stopping an owner from re-mortgaging (it's called a remortgage even if the property is currently mortgage free) a currently mortgage free property and releasing cash to buy out an owner.

Whether or not you will be able to do so depends on the details, the status of the property (rental, main residence, second home, etc.), your financial circumstances, etc.

diz79 said:

Hi

Sorry if a basic question, would be great if someone could help, an elderly relative passed away and the house was left to mt Dad and Auntie several years ago, my Auntie has now decided she wants to sell, me and my dad want to keep it, but dont have enough money to fully to buy her out. Im going to say its worth 400000 to keep it easy, so we need to find 200000, we can only find 100000 with our combined savings so theres 100000 left can I get a Mortgage on this last part? Ive never had a mortgage. I also have savings with a help to buy scheme for first time buyers can I use this, or is it only on a new build or full mortgage? Is there any other ways of buying her out, I imagine we could possibly remortgage my dads share to buy her out maybe, does anyone have any ideas or experience of this kind of situation?

Any info would be greatly recieved

Thanks in advance

K_S

@diz79 In principle, there's nothing stopping an owner from re-mortgaging (it's called a remortgage even if the property is currently mortgage free) a currently mortgage free property and releasing cash to buy out an owner.

Whether or not you will be able to do so depends on the details, the status of the property (rental, main residence, second home, etc.), your financial circumstances, etc.

diz79 said:

Hi

Sorry if a basic question, would be great if someone could help, an elderly relative passed away and the house was left to mt Dad and Auntie several years ago, my Auntie has now decided she wants to sell, me and my dad want to keep it, but dont have enough money to fully to buy her out. Im going to say its worth 400000 to keep it easy, so we need to find 200000, we can only find 100000 with our combined savings so theres 100000 left can I get a Mortgage on this last part? Ive never had a mortgage. I also have savings with a help to buy scheme for first time buyers can I use this, or is it only on a new build or full mortgage? Is there any other ways of buying her out, I imagine we could possibly remortgage my dads share to buy her out maybe, does anyone have any ideas or experience of this kind of situation?

Any info would be greatly recieved

Thanks in advance

diz79

Thanks for your response is that the only way we could do it remortgaging, I cant get a seperate mortgage myself? My dad would just have to remortgage to buy her out, he does already own a poperty that is paid off.