Buying out sibling

[GJ6789]

Myself and my sibling inherited a house worth approx 350,000€. If one were to buy the other out would the person buying the other out need to apply for a mortgage as usual for the share owned and still require a 10% deposit saved? Or is there another way this can be done without saving the 10% deposit as this is just a loan to buy out the other sibling? Anyone have any advice or past experience with this?

 

[Johnno75]

I did this over 10 years ago, though the circumstances were slightly different.

Our property was valued at €320k at time of the agreement to buy his 50% share out. The prior joint mortgage had been held by my sibling and me for about 5 years before we agreed that his share would be bought out by me.

There was no need for a deposit. The bank gave me a mortgage for €320k and from that, the prior mortgage was paid off and I became solely responsible for the new mortgage when I became sole owner.

Talk to the bank, they’ll set out their expectations.

 

[RedOnion]

No need for a cash deposit, you're only borrowing 50% of the value. Other affordability criteria will apply.