Hi!
Cutting a long story very short; we'd like to buy 80% (£200k) of a property, with the current owner retaining 20% (£50k) share.
We have £70k cash to put down but will any mortgage provider entertain the idea of lending us £130k in this situation where current vendor retains an interest in the property?
Thanks,
Steve
In principle yes, but you can't mortgage a part of a property, so it would need to be a joint mortgage whith you and the current owner.
In practice such an unorthodox arrangement may well make lenders (who are in any case a bit nervous these days) tend towards erring on the side of prudence and to decline, despite it being only a
52% loan, unless they like the sound of your long story.
It is possible. You can buy a tranche of a property.
Why? Just out of pure nosiness.
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