Joint mortgage with brother request

Newbie_John

If house is worth £400k and he only needs a mortgage for £100k and he's getting an offer, just with "too high" interest rates.

12 years mortgage for £100k at 4.5% is £900 monthly.
12 years mortgage for £100k at 6.5% is £1000 monthly.

It's only a very small difference and just for the period of the fix, as soon as it ends and his financial situation improves - he'll get a better deal later.

Instead of getting a mortgage with him - you could offer him to pay the difference? It adds up to the same and takes all the responsibilities away from you.

Sea_Shell

Is this the same brother/house, that he's living in with your Dad, and potentially you are both currently set to inherit 25% of each (with 2 other siblings)?

Is that what the mortgage would be for, to buy them out?  

amnblog

Key phrase here 'my wife doesn't want'

BikingBud

amnblog said:

Key phrase here 'my wife doesn't want'

I do find that phrase quite compelling and if not observed does lead to significant angst.

BonaDea

I agree with previous posters that you shouldn't do what your brother is asking, for all the reasons adduced, and also agree that he could solve his problem himself by moving to somewhere he could afford and that would, presumably, also be a better fit for a now-single man without children at home.   You said he'd had an inheritance which he spent and gave to his children.  Can't he approach them for help?  Perhaps they could lend him back the share of the inheritance he handed over to them?