b_real Posted January 18, 2017 Share Posted January 18, 2017 Does anyone have any experience with getting mortgages with their siblings? Just floating this as an idea, to assess the feasibility &/or lunacy: Me: 40, single, can get a mortgage on a property up to £250k, which buys you the square root of eff all around here (Cambridge). Hence I'm considering asking my sibling for help... Sibling: 44, separated, 2 kids, owns property (valued currently at £550k, although I don't know how much equity / mortgage left to pay there is). Sibling earns a healthy whack, about double what I do. I saw that Barclays does a 'Family Affordability Plan' and this got me thinking down this road. Does this sound like a silly idea? Other than the fact that we may be on the precipice of a monumental housing crash that is. Quote Link to comment Share on other sites More sharing options...
RickyD Posted January 18, 2017 Share Posted January 18, 2017 I have no advice, other than if things go wrong it could put a real strain on your relationship with your sibling. Imagine the emotions you would both go through if you lost your job and your sibling is put in the position of having to pay your mortgage. Quote Link to comment Share on other sites More sharing options...
b_real Posted January 18, 2017 Author Share Posted January 18, 2017 34 minutes ago, RickyD said: I have no advice, other than if things go wrong it could put a real strain on your relationship with your sibling. Imagine the emotions you would both go through if you lost your job and your sibling is put in the position of having to pay your mortgage. Ah sweet, I'd get my mortgage paid! Jesting aside... that is a good point. It's an investment for the sibling too tho, which is going to have it's risks. I guess it's not too dissimilar from a BTL, if I can't pay the mortgage, i'd just have to move out & find someone who can. Quote Link to comment Share on other sites More sharing options...
MuTron1 Posted January 20, 2017 Share Posted January 20, 2017 Depending on what you're looking for, £250k would probably get you a 2 bed flat Arbury/Kings Hedges way, with terraces stretching out to £300k. I'd go it alone if possible and look at it as a home, as selling the idea to your brother as an investment could cause problems down the line if that investment doesn't come off. Cambridge has been a bit of a goldmine in recent years, and although I'm not sure there'll necessarily be a crash here (there was only really a small dip in 2007-2008, then back to business as usual), the circa 15% per annum inflation won't necessarily carry on Quote Link to comment Share on other sites More sharing options...
Travisher Posted January 20, 2017 Share Posted January 20, 2017 I bought a house with my brother when he was attending Uni - we both had worked hard and saved so we could afford this. The legal side is very straight forward. You buy it between you using 'common ownership' rather than the contract offered to married couples. The difference is that either party can decide to sell. The other party can buy your share at market price. When my interests lay elsewhere, my brother bought my share and that was the end of it. Quote Link to comment Share on other sites More sharing options...
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