Me and the gf are currently renting atm, were looking to move in with her parents to allow us to save up a nice deposit.
However my dad is putting his house up for sale as he can’t afford the mortgage payments after losing his job...this is annoying as the house will no longer be in the family and I will have no chance of acquiring it at a later date..
The house itself isn’t something I’d buy if I were in the market (area etc) but its cheap (£76,000) or thereabouts. Anyway he has about £30,000 left to pay on the mortgage so what I need to know is if there is a way to take over the house in a sort of percentage terms so like the remaining £30,000 would be like 40 odd per cent ownership...so then in years to come when house prices hopefully rise we could sell the house and our percentage would of gained value and we’d have a bigger deposit for somewhere nice..
Any ideas? I’m not sure if I would be able to afford to take over the house..but its something I want to look into as I don’t want the house to be lost if there is a potential for it to increase in value in the future...
Cheers
However my dad is putting his house up for sale as he can’t afford the mortgage payments after losing his job...this is annoying as the house will no longer be in the family and I will have no chance of acquiring it at a later date..
The house itself isn’t something I’d buy if I were in the market (area etc) but its cheap (£76,000) or thereabouts. Anyway he has about £30,000 left to pay on the mortgage so what I need to know is if there is a way to take over the house in a sort of percentage terms so like the remaining £30,000 would be like 40 odd per cent ownership...so then in years to come when house prices hopefully rise we could sell the house and our percentage would of gained value and we’d have a bigger deposit for somewhere nice..
Any ideas? I’m not sure if I would be able to afford to take over the house..but its something I want to look into as I don’t want the house to be lost if there is a potential for it to increase in value in the future...
Cheers