We are considering the purchase of a property in conjunction with my Wifes mother. We wandered if anybody knew if any of the major banks are willing to secure a mortgage on only half of a property.
ie. We're considering a property of about 360,000 We have a deposit of 60,000 My mother-in-law has about 180,000 which she would use to purchase 1/2 of the property The remainder (120,000) would be a joint mortgage between me and my wife
Is this kind of arrangement possible?
Are there any alternative ways of making such an arrangement whilst retaining ownership by each involved party?
What are the possible legal consequences/scenarios for such an arrangement?
David