Mortgage to buy out siblings share of house

McD1978

Registered User
Messages
44
Hi All,

My brother and I currently own a house together (it was willed to us by our late parents). My brother is considering buying out my share of the house but would need to take out a mortgage to do so. He's single and would therefore be applying for a mortgage on his own. He is 28, has been in constant employment since leaving school and would have a small amount of savings behind him. Does the fact that he already owns half the house that he's looking for a mortgage on give him an advantage in applying for a mortgage or will he find it as hard to get money as everyone else at the moment?
 
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Brendan
Administrator
 
If your brother is buying you out at market value and has some savings to put towards it, it means he will only need to borrow less than 50% of the property value. This should increase his chances of getting a mortgage and allow him to get best interest rate possible.
 
Thanks Greta. Kevin3, haven't a clue what you're trying to say but thanks anyway.
 
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