brokeagain
Registered User
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- 226
Hi,
My partner is the joint owner of a house. I am thinking of buying other hald of house from his brother. They currently have a FTB interest relief so their mortgage repayments are very manageable. We would be applying for a new mortgage together so that I could buy brother out. There is 178 left on their mortgage and the house is worth about 235-240k(and dropping!!) We would be applying for a 92% mortgage.
My question is whether my partner would lose out on his FTB interest relief if he applies for a second mortgage with me for the same house?
I am a FTB.
We are planning to sell the house after a year or so to move somewhere closer to town. We will have the option to rent or sell as rent will cover majority of mortgage. Am I crazy to buy half of house now or should we just leave things as they are and let the guys sell house in years time. (I pay rent in the house at the moment). We are saving deposit for other house that is why we are staying put at the moment.
Thanks!
My partner is the joint owner of a house. I am thinking of buying other hald of house from his brother. They currently have a FTB interest relief so their mortgage repayments are very manageable. We would be applying for a new mortgage together so that I could buy brother out. There is 178 left on their mortgage and the house is worth about 235-240k(and dropping!!) We would be applying for a 92% mortgage.
My question is whether my partner would lose out on his FTB interest relief if he applies for a second mortgage with me for the same house?
I am a FTB.
We are planning to sell the house after a year or so to move somewhere closer to town. We will have the option to rent or sell as rent will cover majority of mortgage. Am I crazy to buy half of house now or should we just leave things as they are and let the guys sell house in years time. (I pay rent in the house at the moment). We are saving deposit for other house that is why we are staying put at the moment.
Thanks!