Irish resident mortgage in UK

[swingsandmisses]

As an Irish resident, I am planning to pay into my brother's mortgage in the UK but he has been told that I cannot as an Irish resident.
Does anybody know of a way around this and where I should go to get more information?.
any suggestions welcome,

 

[44brendan]

First response is that there is no reason why you should not be able to pay funds into your brothers mortgage. However, if these payments are a gift he may be liable to UK equivalent of CAT if he is a UK resident. What is your own rationale for making these payments?

 

[swingsandmisses]

First response is that there is no reason why you should not be able to pay funds into your brothers mortgage. However, if these payments are a gift he may be liable to UK equivalent of CAT if he is a UK resident. What is your own rationale for making these payments?

thanks for the reply Brendan, my brother is going through a relationship split and cannot afford the mortgage himself. Inside of overpaying my mortgage (tracker mortgage) the idea is that I would pay a percentage of the mortgage as an investment.
This wouldn't be a gift, more like a win - win on both sides, thoughts?

 

[Steven Barrett]

more like a win - win on both sides, thoughts

I wouldn't quite go that far, you'll own a portion of your brothers house. Is he going to pay you rent or just a pecentage of the capital appreciation if he sells it?

As an investment, it's probably not a great idea. If you want to help your brother out and he'll repay you from any equity from when he sells, go for it.

Get tax advice on what you can and can't do first though. You don't want HMRC coming after you!!

Steven
www.bluewaterfp.ie

 

[Bronte]

my brother is going through a relationship split and cannot afford the mortgage himself. Inside of overpaying my mortgage (tracker mortgage) the idea is that I would pay a percentage of the mortgage as an investment.

UK investment with brother who is splitting up.

I see no win win here unless you state all the facts. Firstly don't be rushing in without knowing what you are getting into. Who owns the house? Who is on the mortgage? Will the title be transferred into your name. Have you drawn up a legal agreement with your brother. How much is the property worth. Does his partner not want something for her share of the house.

Tracker Mortgage

You haven't asked, but if it's a cheap tracker why would you overpay. More details please.