Property News · September 18, 2023

We bought a house with my parents – can we get a mortgage to buy their share?


We’ve been told that no one would lend to us if they were still living in the property and fear we’re stuckQ My husband and I bought a house with my parents 12 years ago. We own one-third and they own two-thirds. We live together and it is the main home for all of us as well as our children. My husband and I also own a small rental property. Our plan was that as time went on we would buy my parents’ stake. My parents are now in their late 60s and thinking about options for the future including whether they would need a more accessible property and wanting to be able to help my siblings financially. Most of their capital is tied up in the house. At the moment we do not know what their future accommodation needs will be.I inquired with a mortgage broker about taking out a mortgage to buy my parents’ stake in the property. I was told no lender would lend to us if my parents were still living in the property as they would have rights to stay in the house which may compete with the mortgage company’s rights. They also informed me that my husband and I would have to pay stamp duty on the portion of the house we were buying. Continue reading…

Source : theguardian.com
Read more…We bought a house with my parents – can we get a mortgage to buy their share?

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