Need Mortage advice-Inheritance Property

meer

Hello everyone. I need mortage advice. This is as a result of a property valued at €160,000 being inherited by myself and 7 others. Not all shares are even.

I am considering getting a mortage to buy the property. 3 of those 7 will need to be bought out straight away (€60,000). The other four would be contempt with waiting awhile as they would like the property to be kept in the family.

As I say this is unexpected. Im 25 with a degree and recently lost my job. I have a part time now and desperately seeking full time again.

Questions:
1-Would I get a mortage considering my circumstances? The loan to value ratio is quite low. What type?

2-Legally would the house have to be in my name before a mortgage is granted?

3-Inputs Please!!

It just seems a shame to pass the opportunity to get a property instead of cash. As it is a family home with other family close by I would much rather keep it.

Thank You

jor el

Everything is fairly irrelevant unless you are approved for a mortgage, which given your circumstances, I would say is unlikely.

The way I see it is this; 8 of you own the house and 3 want their cash. The remaining 5 would need to buy out those 3 then, and not just you alone buying them out. You can then buy out the other 4 at a later date.

This is probably something you need to get legal advise on.

meer

thanks for the reply. Helps a bit