How do I buy out an inherited house?
| Related: | Property, Home & Garden•Property & Living•Buying Property |
There are five of us (grandchildren) who have been left a house.
My question is given that the house is 1/5 mine. If I wanted to buy the others out would I need a mortgage for the full value or only the remaining 80%? And/or could I use that 1/5 as my deposit.
Answers (1)
Hi dotexe, and welcome.
I'm not 100% sure of my facts here, going by when I bought out my ex's share of the house, but I'm sure if I'm wrong somebody will correct me.
I think your 20% share would count as a deposit, so you would be looking at a 80% LTV mortgage.
Good luck!
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