Mortgage with parents?

LeanneJustinMya

Hello

This might seem like a bit of a strange question:embarasse .

My boyfriend and I currently live with my parents and we are exspecting a baby in May. We want to stay with my parents but this means we will all need to move to a bigger house.

My question is that we want to own 10% of my parents house will is going to cost around 400k so we will need to pay 40k. Is it possible to have 2 mortgages on the house one for my parents part and one for our part of 2 differant amount of years?

If the above isn't possible is there any other way we could make it possible?

Thanks

MortgageMamma

If you are referring to having two seperate mortgages I dont think that is possible

herbiesjp

You could try and get a 4 way mortgage done on a tenants in commom basis - where your parents own 90% and you and OH own 10%

BUt only one mortgage allowed

Ximian

I have a joint mortgage with someone and that's what I was looking for as well: a joint split mortgage (if that makes sense) so one mortgage that is split in two and each half is responsible for their own respective halves, sounds great if it was possible. Unfortunately only one mortgage is allowed on the property, you'd also have to get solicitor advice for the contract/deed.

LeanneJustinMya

thank you everyone for your replys, I will look into the 4 way mortgage.