Over the winter my nephew has been living there and now is interested in buying it but would struggle to get a traditional mortgage due to th nature of his work.
From my point of view I need some capital and some income to supplement my pension. With this in mind I wonder what happens if I go along the lines of saying that payments he makes over a certain level will go towards his equity in the property. So if he puts a lump sum of ?20k in then he's bought a 10% share for instance. We can agree a base interest rate and anything paid above that goes towards equity.
Just looking for some thoughts and ideas before we agree a plan which most likely will need professional involvement as clearly there will be tax and other implications.