He thinks he’ll have to get a mortgage as well as raise a deposit in order to buy me out
Q My brother and I have inherited a house and we each own 50% of it. He currently lives there with his partner and intends to do so for quite some time. I would like to sell him my 50% so that I have money to buy my own property or do with it as I wish. The value of the house is roughly £80,000, so I would be entitled to £40,000 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.
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from Health & wellbeing | The Guardian http://ift.tt/1FgTY66
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