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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31861
Experience:  Over 5 years in practice
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My brother wants to buy my house but in order to move

Customer Question

My brother wants to buy my house but in order for me to move and access the best mortgage I would like to clear my existing debt to improve my credit rating. He has offered to pay me 30k in advance to allow me to clear all my existing debt and access the best mortgage deal byut I am not sure if this is possible.
I have 75k equity in my house (aprox 30%) and would use 30k of that equity to clear my debt should I sell the house conventionally, he has a cash sum for a deposit of around 35k. I am worried this would give him an issue in securing a mortgage due to the added complexity.
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the house worth?
Clare
Customer: replied 2 years ago.

250k

Expert:  Clare replied 2 years ago.
Hi
Can he raise a £220,000 mortgage?
Clare
Customer: replied 2 years ago.
Yes he has an agreement in principle
Expert:  Clare replied 2 years ago.
Hi
Does your brother wish to move in immediately or could you remain in the property for a while?
Clare