He thinks he’ll contain to catch a mortgage as well as raise a deposit in order to buy me outQ My brother and I contain inherited a house and we each own 50% of it. He currently lives there with his partner and intends to accomplish so for quite some time. I would like to sell him my 50% so that I contain money to buy my own property or accomplish with it as I wish. The value of the house is roughly £80000,so I would be entitled to £40000 in cash.
My brother is under the impression that he has to take out a mortgage on 50% of the property value to give to me, and so would need at least 10% of the mortgage value as a deposit for the bank who supplies the mortgage.
Continue reading...
Source: theguardian.com