T
The Donald
Guest
Hi All,
Need some financial advice on the following:
I'm buying a house with my sister, we both have steady jobs, I already own a house, she is a FTB. Here's the deal:
House costs: 265K
Deposit 8% : 21K
House to be purchased in her name with both our names on mortgage. Now, I'm putting up the deposit + 4K more for fittings etc. She is putting up 4K of her own money. HOW DO WE WORK OUT THE PERCENTAGE OWNERSHIP AFTER 4 YEARS??
ME Invests: 21K + 4K = 25K
SHE Invests: 4K = 4K
BUT: Mortgage repayments are say 950 pm which she pays.
After 4 years:
SHE Invests: 4K + (950*12*4) = 49600
Now, the deal is she will sell me the house then, how do I work out how much she is entitled to on any equity we make??
Scenario 2: I contribute a monthly proportion of mortgage, after 4 years our total investment match and we split 50/50??
Finally (sorry about this), when she does sell to me in 4 years can I just give her the cash owned and she signs the deeds over to me and mortgage or do I have to re-mortgage the house and then pay her off??
Thanks for any help on this..
The Donald.
Need some financial advice on the following:
I'm buying a house with my sister, we both have steady jobs, I already own a house, she is a FTB. Here's the deal:
House costs: 265K
Deposit 8% : 21K
House to be purchased in her name with both our names on mortgage. Now, I'm putting up the deposit + 4K more for fittings etc. She is putting up 4K of her own money. HOW DO WE WORK OUT THE PERCENTAGE OWNERSHIP AFTER 4 YEARS??
ME Invests: 21K + 4K = 25K
SHE Invests: 4K = 4K
BUT: Mortgage repayments are say 950 pm which she pays.
After 4 years:
SHE Invests: 4K + (950*12*4) = 49600
Now, the deal is she will sell me the house then, how do I work out how much she is entitled to on any equity we make??
Scenario 2: I contribute a monthly proportion of mortgage, after 4 years our total investment match and we split 50/50??
Finally (sorry about this), when she does sell to me in 4 years can I just give her the cash owned and she signs the deeds over to me and mortgage or do I have to re-mortgage the house and then pay her off??
Thanks for any help on this..
The Donald.