Home & Garden0 min ago
Getting a joint mortgage with my dad
1 Answers
My dad currently has a sole mortgage on our property and as a single person there is no way I can afford to get onto the property ladder, so my dad has offered for me to buy into the family home. The house is worth approx 360,000 maybe more, with a mortgage of about 110,000, I think I could only get between �55000-�60000, so 1/2 of whats left owing on the house. Without this helping hand I cant get on the property ladder, there are no plans to sell the house just yet, but I take it a contract would have to be made up so dad gets the majority share when/if the house is sold. I have a brother, who if anything happened to my dad would get a share of the property, so his will would have to reflect this. Is there anything else I should think of? And whats the first steps we should take if we decide to go ahead and get a joint mortgage?
Thanks in advance to anyone who can offer any help or advice.
Thanks in advance to anyone who can offer any help or advice.
Answers
Best Answer
No best answer has yet been selected by foxydivano1. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.I would suggest you get legal advice on this. I bought my house with my mum many years ago. Like you, I had no chance, and as it was a council house (in her name) we bought it. Anyway, I have a sister too, so I was a bit worried (especially as I was paying the mortgage!) that when my mum died, my sister would by default get a share of the house I was paying for and living in. I actually got my mum to specify it in a will that her share of the house would pass to me, but I was told after - don't know how true - that it would have come to me anyway. As I said, I don't know if that was true or why if it was but for safety's sake, get proper advice now to ensure it goes how you want it to.