I've moved house and haven't yet sold the previous one, which is owned outright.
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
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.
- posted 3 years ago