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Any way to buy a proportion of a property?

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

Reply to
steveharman AT fastmail DOT fm
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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.
Reply to
Ronald Raygun

It is possible. You can buy a tranche of a property.

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as I have in Scotland. There may be a different term in England and Wales. I suspect that as long as the mortgage lender has first call on the amount insured the lender will be happy.

Reply to
James Harris

Why? Just out of pure nosiness.

Reply to
mogga

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