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

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  • 16-03-2023 7:17pm
    #1
    andyred
    Registered Users Posts: 87 ✭✭


    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?



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    #2
    Anaki r2d2
    Registered Users Posts: 958 ✭✭✭Anaki r2d2


    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



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    #3
    Princess Calla
    Registered Users Posts: 5,895 ✭✭✭Princess Calla


    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.



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    #4
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    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.



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    #5
    Mrs OBumble
    Registered Users Posts: 25,935 ✭✭✭✭Mrs OBumble


    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?



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