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Mortgage with my brother

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  • 23-02-2024 3:15pm
    #1
    lcstress2012
    Registered Users Posts: 595 ✭✭✭


    Hi guys. Myself and my brother (30) live with our parents and want to move out as don’t want to live with parents for the rest of our lives and want own space. We’re both single so can’t get mortgage on our own. He has suggested to buy a house and get a mortgage together and rent the whole house out while still living with parents.

    If I was getting a mortgage I’d want to move in and live in it not rent the whole house out and still live with parents. Has anyone ever got a mortgage with sibling and what are the pros and cons? Did it work out? Would most banks allow this?



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    #2
    Murt2024
    Registered Users Posts: 89 ✭✭Murt2024


    youve just summed up why you shouldn’t get a mortgage with siblings or friends. Both will have different ideas of what they want from it.

    What if one of you get married?

    What if one of you want to sell?

    What happens if tenant stops paying rent and takes two years to kick them out?



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    #3
    JVince
    Registered Users Posts: 759 ✭✭✭JVince


    You already disagree with what would be done, so best not to do it.

    Banks would see this as an investment, so 30% deposit required.

    If you have the space in the garden, look at building an extension. I've seen clever extensions where a utility room is created as the connection between house and extension, thus no planning required, ease of use of utility room and independent living by have a separate main door.


    But joint mortgage - nope.



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