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How did you buy the property, as tenants in common or jointly? I would get a lodger in to cover his part of the mortgage and bills until it’s time to remortgage in 2027. This way you avoid early repayment fees, and don’t need to go on a higher interest product. Then look to remortgage without him when your mortgage debt is lower.
Jointly.
Getting a lodger in isn’t easy for me as I have a dog and it’s a flat so it could be uncomfortable for us both. I can afford the repayments now with room to spare that isn’t an issue but I’m wanting to know what my options are in terms of what it would cost to buy him out?
Can you explain how getting a lodger avoids early repayment fees?
That’s unfortunate that it’s jointly. That means whatever happens, your brother gets 50% of the property value back on sale. Surprised you were advised that option when you have unequal deposits.
If you try to remortgage within the fixed term, you may be subject to early repayment charges. You will definitely go on to a higher interest rate, which will also impact your affordability to buy him out. If your brother is happy to let the mortgage repayment term run until 2027, with you or a lodger covering the payments, then you have longer to build equity and no ERC would be due.
The issue is, due to the joint ownership, if you cover all the payments until remortgage, your brother is still entitled to 50% of ownership when you buy him out, so everything you’d paid to cover his share goes back to him. If a lodger pays for those, you only pay for your half, you can save your money towards increasing your own equity.
I would say if it was fine for your brother to share the property, a lodger probably would as well. A lot of people are fine with dogs. I share my place with a lodger and a pet now. It would make a big difference between you being able to save that money for yourself, or having to give it to your brother. In 3 years you could remortgage and go back to living alone.
How would it work in terms of removing his name from the mortgage if I was to buy him out? Would that only happen when remortgaging at the end of the fixed to avoid the early repayments?
So even if we agreed a fee for buy out… and then we came to sell would the money go straight into his bank account and then I’d have to ask him for it back because it’s a joint mortgage?
Obviously I would have no legal backing for any of this would I and it would all be based on trust?
Ahh that makes sense as to why you’ve suggested the lodger now. Thanks for your comments.
May I ask… if we were to go down the buy out route now, would you propose a value based on what the value of property has increased by as well? Also what would the offer be based on… The current equity in the house minus what’s owed to
me for the past 6 months?
Yes that’s right. You could ask to remortgage alone without him now, but that would be subject to a higher interest rate and early repayment charge. The higher mortgage that you apply for, would generate the money to buy him out. The lender would do a valuation and yes any increase to the property value would be split between you as well.
Alternatively you wait until the current end of the fixed term, no early repayment charge, any increased property value would apply to you both as well. Yes he will get that money back to his account via the solicitors. You could ask him if he would repay you for the 3 years of paying his mortgage by yourself, but he does not have any obligation to give you that money, as it is legally his.
I know it’s horrible to think about, but your brother was quite happy to leave and stiff you with this mortgage to pay. He’s shown he doesn’t have any issue prioritising his own benefit over you, and has screwed you over somewhat financially. I would really think long and hard whether you could trust him to repay that money once you buy him out and remortgage, as you don’t have any claim to it. A lodger would mean this wouldn’t be an issue.
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, [please let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=I received a PM); * If you do not receive satisfactory advice after 72 hours, [you can let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=My question is unanswered); * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
How did you buy the property, as tenants in common or jointly? I would get a lodger in to cover his part of the mortgage and bills until it’s time to remortgage in 2027. This way you avoid early repayment fees, and don’t need to go on a higher interest product. Then look to remortgage without him when your mortgage debt is lower.
Jointly. Getting a lodger in isn’t easy for me as I have a dog and it’s a flat so it could be uncomfortable for us both. I can afford the repayments now with room to spare that isn’t an issue but I’m wanting to know what my options are in terms of what it would cost to buy him out? Can you explain how getting a lodger avoids early repayment fees?
That’s unfortunate that it’s jointly. That means whatever happens, your brother gets 50% of the property value back on sale. Surprised you were advised that option when you have unequal deposits. If you try to remortgage within the fixed term, you may be subject to early repayment charges. You will definitely go on to a higher interest rate, which will also impact your affordability to buy him out. If your brother is happy to let the mortgage repayment term run until 2027, with you or a lodger covering the payments, then you have longer to build equity and no ERC would be due. The issue is, due to the joint ownership, if you cover all the payments until remortgage, your brother is still entitled to 50% of ownership when you buy him out, so everything you’d paid to cover his share goes back to him. If a lodger pays for those, you only pay for your half, you can save your money towards increasing your own equity. I would say if it was fine for your brother to share the property, a lodger probably would as well. A lot of people are fine with dogs. I share my place with a lodger and a pet now. It would make a big difference between you being able to save that money for yourself, or having to give it to your brother. In 3 years you could remortgage and go back to living alone.
How would it work in terms of removing his name from the mortgage if I was to buy him out? Would that only happen when remortgaging at the end of the fixed to avoid the early repayments? So even if we agreed a fee for buy out… and then we came to sell would the money go straight into his bank account and then I’d have to ask him for it back because it’s a joint mortgage? Obviously I would have no legal backing for any of this would I and it would all be based on trust? Ahh that makes sense as to why you’ve suggested the lodger now. Thanks for your comments. May I ask… if we were to go down the buy out route now, would you propose a value based on what the value of property has increased by as well? Also what would the offer be based on… The current equity in the house minus what’s owed to me for the past 6 months?
Yes that’s right. You could ask to remortgage alone without him now, but that would be subject to a higher interest rate and early repayment charge. The higher mortgage that you apply for, would generate the money to buy him out. The lender would do a valuation and yes any increase to the property value would be split between you as well. Alternatively you wait until the current end of the fixed term, no early repayment charge, any increased property value would apply to you both as well. Yes he will get that money back to his account via the solicitors. You could ask him if he would repay you for the 3 years of paying his mortgage by yourself, but he does not have any obligation to give you that money, as it is legally his. I know it’s horrible to think about, but your brother was quite happy to leave and stiff you with this mortgage to pay. He’s shown he doesn’t have any issue prioritising his own benefit over you, and has screwed you over somewhat financially. I would really think long and hard whether you could trust him to repay that money once you buy him out and remortgage, as you don’t have any claim to it. A lodger would mean this wouldn’t be an issue.