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Thinking of buying a house 50% share........

I can't afford to buy a house so am thinking of shared equity with relative, can this be done? 50/50 share in property between family. I am paying rent which makes me feel like I am throwing money down the drain, I need stability and something for retirement and to pass down to the kids. Would a mortgage company lend on a 50/50 share of a house? Cheers in advance for your help.

Asked on Dec 8 2010, Home Finance in Slough | Report content

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  • Hello, The best solution is to speak to a financial adviser on this. He will probably tell you both names will need to be on the deeds and both parties would have to apply for the loan on the house. Providing you have a good relative and they are willing to do this should not be a problem.

    Answered on Dec 10 2010, Report content
  • You would be looking for a joint mortgage, it is not unusual for family to buy houses together. Mostly it is couples who have a joint mortgage. But friends, business partners and family have joint mortgages and it can be far more successful than shared ownership in home association property. It can be a good idea to draw up a will and have a very good legal agreement should there be any fallout. Should one person live in the property and the other take a small rent, it can be a very beneficial partnership. Living together with family can be a little harder, although it will depend on how well you get on I suppose. ;)

    Answered on Dec 11 2010, Report content

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