Mortgage for buying share of family home?

Hi,

I'm married with two small children, and we're currently renting. My parents are elderly and live in a large house in a nice part of Dublin. They've suggested that we should adapt the family home so as to make it suitable for multi-generational living.

The house would need significant investment to bring it up to modern standards and create separate living spaces etc.

So, my question is: would it be possible for myself and my wife to get a mortgage for buying a percentage of the family home from my parents, in order to fund the work that needs to be done?

Or is there another way to get loan financing for this kind of plan?

It wouldn't be easy. As the main part of a lender's security is the ability to repossess and sell the house in the event that you default, then no lender would be interested in a proposition involving a mortgage with four people on it - two of whom are elderly. Nor would it be practical for you and your wife to buy the entire house from your parents outright.

Depending on the size and type of the house and a LOT of other factors, it might be possible to split the house into two distinct units - 1 Main Street and 1A Main Street - and you could then buy 1A Main Street from your parents.