I need an investor to help me keep my home. Are you looking for an investment opportunity? This could be for you.The idea is that I find someone to "buy a share" of my house. The home is in Brisbane, where the property values are continually increasing. With the help of an investor ,I would be able to afford the home and continue living here with my 2 sons.
Simple question Ilonka. If you can't afford a mortgage of say $200,000 to one bank, how does having 2 mortgages of $100,000 each change the situtation other than putting the risk of losing the investment onto your investment partner/second mortgagee?
llonka
If you have equity in the home then you could always look at a shared equity loan through a major bank.
Richard Taylor | Australia's leading private lender
Thanks Guys
It is not a question of affording the current loan. No problem. I will however, struggle if I have to "buy my husbands share". I am not sure how all the financing etc works, but am afraid that on a single income I will ot qualify for the loan on my own, even though I have serviced it myself this year. I know my request is unusual, but sometimes we have think outside the square, and I have to do whatever it takes.
If someone else buys your husband's share, then you will have to pay them somehow because you are living in the whole house. You may be able to pay rent, but that would mean higher repayments. Another option may be to give up equity or future capital growth.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hence my suggestion you look to refinance into a Shared Equity scheme.
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
