Can I buy with my Brother?

Posted on 9 August 2012 by Adnan


I am a british and would like to buy a house worth around £300,000. but i am on approx. 25,000 per year. So I`d like to share with my brother (American citizen) a mortgage from UK bank cos he get approx. £65,000 per year. In this way we can afford it. Can we do that and how? thanks

Adnan

It might be possible to get a mortgage with your brother, but who will do this is going to depend on where he lives, who he works for and on the terms of his visa if he lives in the UK.

If he is already living and working in the UK, there are no restrictions on his Visa and he is going to live in the property then with a reasonable deposit, say 25% I think you should be able to get a mortgage with a UK lender.  If however, he is based abroad then things get a little trickier and I think you would need a deposit of 30% before any of the overseas arms of the UK banks would consider it.  They may not like the fact that one of you is based in the UK though and so it is by no means certain that even with a suitable deposit they will accept an application from you.  It might be that one of the smaller provincial building societies will accept an application in your sole name with your brother as guarantor instead of joint mortgagor?

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage solution for your situation.

Peter

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