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Thread: Brother wants to take out joint mortgage against my will

  1. #1

    Brother wants to take out joint mortgage against my will

    Hi all,

    My brother wishes to take a buy to let mortgage out on a house that we have both inherited. The property at the Moment is mortgage free and held in equal shares.

    He wishes to take out 50k and I would have to be a co signer for a mortgage I would not use or want. I would simply be signing the paperwork. As you can imagine this has caused much trouble.

    Question is, is that he has claimed all along that it’s risk free for me and his financial advisor has told him it would not affect my borrowing . I cannot see this as being correct ? Am I right?

  2. #2
    Of course you're right. How could signing up to a 50k loan be "risk free", or not affect your borrowing potential? Why would you want to sign up to a loan if you're not getting any benefit out of it?

  3. #3
    What is your current situation?

    No loan is ever risk free. Going into anything financial with family/friends is often fraught with issues in the future if things go wrong or if one "wants out".

    Why can't he do it on his own? Why can't he just buy your half from you and go it alone?

  4. #4
    Why not sell the asset and split the proceeds ?

    He can do whatever he wants and you can do also?

    If you have opposite attitude to risk it may mean staying 'Brothers who talk' for a bit longer.

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