Several years ago, my father died. My sister and I inherited the house. For five years of so, I let my siste and her daughter stay in the house whilst my neice was growing up. She's now old enough to leave so it's time for me to think about using my half of the captial to buy *my* own home.
I don't have any other significant savings so what options are available to me to obtain my own home.
Assume the price of our home to be £170,000.
So far as I can work out we've got three choices...
1). We sell the house and my sister finds somewhere smaller. 2). She gets a second mortgage and gives me half the money. 3). Come up with some arrangement so that she pays for an equivalent %age of my mortgage.Well, 1 is my preferred option but I'm sure it's not my sisters. 2 is my second favourite but a) is this possible, b) is it worthwhile. 3 is my least favourite as then my home is at the whim of my sisters capability to pay. Also, am I right in thinking that we'll end up paying far more interest doing it this way?
Have we got any other options and/or could anyone care to comment on the pros and cons of the options I've mentioned here?