Looking to buy shares of a house

matt-dublin

Quick question all.

some of our relatives inherited a house several years back between four siblings.

we're potentially looking to buy two of the siblings shares from them and co-own with the other two.

the four share owners are all blood relatives but looking for options here.

presumably we could look to get a 50% ltv mortgage on the property to buy the two shares and then the other share owners would not have to do anything. Listing all fours of us on the deeds (no debt on the house currently)?

then ideally when we're in a position to we would look to buy the other two shares of the house when we sell another property we have?

any advice is much appreciated.

StillWaters

Can't see a bank giving a mortgage on a 50% stake in a property. How would they securitise it?

matt-dublin

i suppose it would have to be mortgage between the 4 parties to purchase the other half with a contract that only two of the parties pay the mortgage?

StillWaters

matt-dublin wrote: »

i suppose it would have to be mortgage between the 4 parties to purchase the other half with a contract that only two of the parties pay the mortgage?

I have never heard of a 4 party mortgage. I really don't think this is a goer. Why would the 2 in situ go for this in any case, they would be nuts!

matt-dublin

forget about the two in situ assume they've agreed. what are the options

The_Conductor

Personal term loan. You'll pay well above the odds in interest- but you're not going to get a mortgage on this.