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We haven't properly discussed it yet. I think she would be willing to sell her half to us though. She lives in a different area, owns her home with her husband and has no children. The problem is that I doubt we could raise a mortgage and due to our age would only have 5 years to pay it anyway. The property is worth approx k 280. What we need to do is raised raise about 140 but without making repayments. Is there any way to do this where the bank/mortgage company own half & we own half but don't make repayments. In short, we want to own our half & live in the property, give my sister her half in cash & leave our half to our children when we go.
Thanks for your reply. My idea was that we would own 100% of the property, releasing 50% of the equity to my sister. So the equity release would be on 100%.
This would mean that we owned half & the mortgage company the other half. Could we pay the interest only so that only the original sum would be payable after our deaths?
How can we calculate what the interest would be?