How do I get a mortgage for only half a property?

still_savin

grumpy_codger said:

still_savin said:

Thank you all for the replies. Unfortunately I'm more confused than I was before - I thought 'tenants in common' was a recognised arrangement which allowed two disinterested parties to control shares in a property.

This arrangement is based on a joint mortgage.

How then do parents help kids get their first home? 

A gift (or a loan?) plus a statement, that the parents don't have any interest in the property and cannot claim their share.

Possibly, a joint mortgage.

I can't afford to 'give' 100k, and one of the posts above said a mortgage provider will want to see evidence that the money has been gifted - maybe I'm misunderstanding it but what the hell is it to do with them if I loan my son money rather than give it to him?

I'm no expert, but I don't see any formal problem with a loan if it's not secured on the property. However, it has to be declared and be very flexible in terms of repayment. Otherwise it will affect affordability.

He doesn't need to repay the 100k - I was looking to buy the house with him, with each of us putting up 100k. When the house is sold at whatever point that is, I get my 50% back. 

MWT

still_savin said:

grumpy_codger said:

still_savin said:

Thank you all for the replies. Unfortunately I'm more confused than I was before - I thought 'tenants in common' was a recognised arrangement which allowed two disinterested parties to control shares in a property.

This arrangement is based on a joint mortgage.

How then do parents help kids get their first home? 

A gift (or a loan?) plus a statement, that the parents don't have any interest in the property and cannot claim their share.

Possibly, a joint mortgage.

I can't afford to 'give' 100k, and one of the posts above said a mortgage provider will want to see evidence that the money has been gifted - maybe I'm misunderstanding it but what the hell is it to do with them if I loan my son money rather than give it to him?

I'm no expert, but I don't see any formal problem with a loan if it's not secured on the property. However, it has to be declared and be very flexible in terms of repayment. Otherwise it will affect affordability.

He doesn't need to repay the 100k - I was looking to buy the house with him, with each of us putting up 100k. When the house is sold at whatever point that is, I get my 50% back. 

You can do that if you want, but then you are subject to CGT on your share...

Talk to a mortgage broker, they can help you navigate a path through this...