AdamD
13-02-2007, 18:55
Ok i'll try and keep this short and to the point :)
My brother, dad and I, all went into a deal to get a place of our own
My dad put down 40k deposit, my brother and I got a part interest/part repayment mortgage to the value of £146,000
House was bought for £188,000
Interest only part was for £78,000
Repayment was for £70,000
The idea hasn't worked out, my brother became hostile and has disowned half the family for reasons I won't go into, but suffice to say, they're retarded
So anyways, we planned to sell the house this spring, but I, nor my dad, have anywhere to go
So, my uncle has offered to pay off my brother's share of the mortgage and move in, brother moves out, problem solved...but is it?
Can someone tell me how this would affect the mortgage? As I really don't understand how this would work out.
I still don't understand the whole interest only/repayment deal part of it.
My brother, dad and I, all went into a deal to get a place of our own
My dad put down 40k deposit, my brother and I got a part interest/part repayment mortgage to the value of £146,000
House was bought for £188,000
Interest only part was for £78,000
Repayment was for £70,000
The idea hasn't worked out, my brother became hostile and has disowned half the family for reasons I won't go into, but suffice to say, they're retarded
So anyways, we planned to sell the house this spring, but I, nor my dad, have anywhere to go
So, my uncle has offered to pay off my brother's share of the mortgage and move in, brother moves out, problem solved...but is it?
Can someone tell me how this would affect the mortgage? As I really don't understand how this would work out.
I still don't understand the whole interest only/repayment deal part of it.