IS IT POSSIBLE TO GET A MORTGAGE FOR A STAKE IN A HOUSE?

andyred · 16-03-2023 07:17PM #1

My father is leaving the house to each of his four kids equally. This means we will own 25% each. I am living in the house currently and the other 3 live abroad. Two are happy to leave me living in the house and keep their 25% stake for their children to inherit down the line. The last sibling wants me to buy him out.

Is it possible I can get a mortgage for say 100k in order to buy his 25% stake, raising my stake to 50%? Or can you only get a mortage for a 100% stake?

16-03-2023 07:45PM

If the house was only in your name you could get a 100k mortgage at a very good rate as the loan to mortgage is only 25%. The problem is the other two siblings being joint owners. i dont think this is possible. Call a broker or bank to see, hopefully I am wrong

Princess Calla · 16-03-2023 08:20PM

Tbh just sell it and split the proceeds. Much easier in the long run.

There's nothing stopping the other siblings/their kids arriving on your doorstep and staying indefinitely. Or in 5 years time wanting to liquidate their share.

You know the plans, save as much as you can now and be in a good position that when the time comes you've 25% and savings to put to a new 100% your own house.

Claw Hammer · 18-03-2023 06:40PM

https://www.boards.ie/discussion/comment/120367301#Comment_120367301

I would expect any bank would require all co-owners to sign up to a mortgage.

Mrs OBumble · 19-03-2023 01:52AM

Explore how quickly he wants you to buy him out? Could you pay him over 20 years (with interest, obviously) - effectively getting the mortgage from him?

IS IT POSSIBLE TO GET A MORTGAGE FOR A STAKE IN A HOUSE?

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