Buying out a sibling...

Posted on 16 October 2008

I am planning to buyout the share of my sister in the property in which I cuurently live (alone) and we own jointly. As there is only 5 years of loan left on theproperty, I will need to take out a loan to pay my sister's share. What typeof mortgage will I be able to take out and how can I find out if I be required to pay stamp duty on the whole porperty again on remortgaging?

 

Nedhzi

The type or mortgage you will need will be totally dependant on your full circumstances.   A mortgage broker will be able to make a recommendation for you taking into account things such as your income, credit commitments and future plans.  They will also be able to assess your ability to get a mortgage, and which lenders will be better suited for you.

You will need to ask your solicitor about your stamp duty liability if any.

We at Charcol would love to help with your mortgage so do give us a call on 0845 4131053.

Best Wishes
Bea

 

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.