am i a renter or buyer

rousey53

Registered User
Messages
15
hi there, my uncle and i were discusssing if i could buy his house. he is currently paying interest only on his mortgage of about 175k he suggested i pay an amount every month of say 300e for six years untils his retirement and then i pay the balance of a figure we agree on now which i was thinking of about 180k are there many pitfalls to this type of arrangement i never owned a house and would not get a mortgage on my own at the moment thank you
 
Well you could sign a contract today with a view to completing a transaction in three years time but I cannot see why you would do that.

What you/your uncle are suggesting is that you agree to buy at a certain price, complete in three years time ( when you have no idea what prices will be like) and in the meantime start paying him money off the price. Does he live in the house? Are you intending to move into the house? What chance is there of you getting a mortgage in three years time?

mf
 
This is an opinion only, but I think you're subsidising his retirement ! You pay every month now, and then pay €180k in three years for a house that when he purchased it was possibly only worth €175k ? (You need to provide details of the value of the house)

What makes you think you'll get a mortgage in three years time ?

From a taxation point of view, there is possibly some juicy tax-planning which can be availed of here in a scenario such as this. I'll post later on this.
 
what is the current value of the house?... without knowing approx value of the property, then difficult to advise.
 
i have a "full time job" now so the mortgage should be fine i also will be paying him every month around 400e which will be deducted from the price we agree on i would be moving in next month he bought it for 170k its value now could be around 190k he used his pension to buy it and is paying interest only i suppose he will just be paying back his pension when i give him the final amount
 
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