Buying 1st house with Aunt

E

elayno

Registered User
Messages
18
Hi all,

Is there anyone out there that could offer me advice regarding the purchase of a house with their Aunt.. I dont have the deposit for my 1st home, however my aunt has offered me it, with the understanding that it is an investment on her behalf. 60/40 to me.. She basically she wants a 40pc share in the house.. This is all fine by me, but what i want to ask is if any of you out there is experienced this or know of anyone that has gone for an option like.. Id love some feedback.. Best Rgds
 

She's getting a 40% share for contributing the deposit? Sounds like a good deal for your Aunt?? What % of the house price is her deposit?
 
If she's going on the title she will have to go on the mortgage and you will be assessed as joint applicants - i.e. her income, outgoings and age will be taken into account. Also if this is not her first purchase (or if it is but she is not going to live with you) you will not qualify for FTB Stamp duty. If she does not go on the title and mortgage she is effectively gifting you the 40% but will have no legal interest in the property which is great for you but very insecure for her. You both need to seek professional legal and tax advice.

Sarah

www.rea.ie
 
Have you tried to get a 100% mortgage as you are a FTB? I recently got one from Bank of Ireland and they give the deposit up front.
 
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