50 percent mortgage advise?

Irishcrx

Hi guy's,

Just looking for some advise for anyone who has gone through something similar in the past. Basicly I own 50 percent shares in a house in Dublin along with a relitive, the home was a family home which belonged to the my grandad. The other relitive wants to sell up and I am looking to buy her share out and move into the house myself meaning I'm looking for half a mortgage to buy her out.

Problem being is that I am currently in the lower wage bracket at the moment and will be taking it on myself at 21 years old , I'll be taking an extra few quid in the mortgage to do the house up as it has been rented for a few years. Do you think a bank would give me the mortgage based on the share I already have in the house? Repaying it will be fine as I'll be renting two of the room on lease to two friends I know well and are willing to help me fix the place up, any advice would be great thanks alot.

BC

Depends on the price of the house and how much you earn...

Irishcrx

Not going to put exact fiqures but the house is valued at around 350,000 and I earn under 25 k at the min with a raise due, so i'd need to borrow around 170,000.

jdivision

Last year you would have had no problem. This year might be a bit more difficult but if you're willing to rent out part of it, as you say you are, I'd say you should be okay. A mortage of e170,000 works out at just under e1,000 a month on a 25-year mortgage, not sure if that's after mortgage interest relief or not. How much do you think you'd take in in rent. Do you have any other loans? Have you paid inheritance tax or anything on the part of the house you inherited? Not sure but you might be liable for stamp duty too but if you buy your relative out

Irishcrx

The inheritence tax has been cleared on it , it's a 3 bed house so rent should cover about 900 of the mortgage for me , I have a car loan and a credit card but I'll want to clear them with the mortgage aswell so I can start from fresh. Aswell as that I want it because I grew up in that house it's centimental value to me my relitive just wants her money.

jdivision

You shouldn't have a problem so but you should be advised that it'd be much cheaper in the long term to pay down your loans for the car loan and credit card rather than roll them up in your mortgage.