Myself and my brother purchased a house 5 years ago.
Here are the details:
Outstanding mortgage €262k
with PTSB on tracker - ECB + 0.95%.
We got the house valued last week at €275k.
My brother wants to dissolve the partnership in the coming months as I recently got engaged to a lovely guy.
What options are open to us?
I was thinking along the following lines:
1) I buy Brother out
2) Brother buys me out
3) Sell the House
If one of us bought each other out we wouldn't get near as good a rate from any lender. We probably wouldn't get a mortgage as our income wouldn't be enough in the stress testing. Am I right in thinking this?
My brother is a permanent primary school teacher on 45k while I work in the Software Industry on €48k.
I currently live in the house and pay the mortgage. Any advice would be great.
4) Stay in house, get brother to pay half the mortgage, get fiancee to rent out his apartment and move in with you - paying rent to you, sell the house in a few years when / if someone's situation improves.