How to buy a family home between 3 people

J

jimlish

Guest
Is there an efficient way to buy a house from my Aunt's estate between my mother, sister and I. Do we buy as a holiday home, an investment property or through a company in which we all have a share. What is the best way to raise the money for such a venture.

I have only ever bought one house, so, I am uncertain of the options available to me. Any Help is appreciated.

Thanks, Jim.
 
Banks will accomodate a mortgage application from three people. You'll all still have to prove ability to repay in the normal way. Maximum loan will depend on what you intend to do with the house once bought, but if you're not going to live in it yourselves, it's probably going to be 80% of the property value, meaning that you'll have to come up with 20% plus expenses yourselves.
 
As previously stated just approach a bank for a mortgage. What you want the home for will decide what it is, holiday home, investment, home for you mother etc. You should also think carefully about why you need the home in 3 names and what happens if one of you wants out, marries or dies etc.
 
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