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Thread: Mortgage Help

  1. #1

    Mortgage Help

    I will try to explain as best I can. I own a house along with 2 siblings. One sibling wants buying out and I am going to try and buy them out, other sibling happy to keep name on house. I live in the house. I spoke to a mortgage advisor over the phone for some info as to what I need to do etc. They said for me to get a mortgage by myself to buy one sibling out the other sibling would have to not have name on deeds or it would be both myself and my sibling buying the other out. Basically for my sibling to keep name on deeds they would have to go joint with my buying the other out. Is this the case. My sibling does not want to take their name off deeds and also does not want to jointly buy the other out. We have recently inherited the house. Thanx in advance for any help/info/advice and hope I have explained it well

  2. #2
    I am afraid your mortgage advisor is correct. If you need to raise a mortgage on a property the names on the mortgage and the property need to remain the same. If you are the only person on the mortgage then the property needs to be just in your name. The only other thing you can do is sell the house and you each get your third. Are you unable to raise two thirds to buy out both siblings if you are the only one living there?

  3. #3
    Simplest solution is to buy both the other siblings out.

  4. #4
    I am sure someone once said there is a lender who allows 2 on the deeds, one of the mortgage. I can only assume it is HSBC as I have never come across a lender who will do it and they do not really deal with brokers.

    Dont hold me to that, but might be worth checking

  5. #5
    Thanx for the reply. I knew what they were telling me was true but my sibling is saying its wrong so thought I would ask here. They are adamant I can buy one sibling out by myself with their name still on the deeds and no involement


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