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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To think this is really kind of my brother ?

65 replies

Bigfluffybear · 28/01/2017 17:06

Hello.
I live in a fairly nice area and am happy with my house. I have however seen a house about a mile away in a nicer area which is bigger and has a garden. This means I can get my son a dog so he's game! Anyway it's a little out of my price range so my brother has said he will put his name on the mortgage and pay an amount towards it each month. Aibu to accept this offer?

OP posts:

CaptainMarvelDanvers · 28/01/2017 17:53

I wouldn't let my brother do that for me if I'm already living in a good area and I'm happy with my house, especially as he has no savings.

Motherfuckers · 28/01/2017 17:57

He has no savings? And you cannot afford this house without your brother's help? I think you would both be incredibly foolish to go ahead with this plan. Live within your means, be beholden to no one.

Mummyoflittledragon · 28/01/2017 17:58

What would you be prepared to do if something happened. How would you pay the mortgage? Getting a lodger could be a solution. If he defaults payment, you will have to pay. Your brother would also be 100% liable for the mortgage if something happened to you.

AcrossthePond55 · 28/01/2017 18:00

Please see a specialist solicitor and get an iron-clad agreement. One in which your brother's partner resigns all interest in the property (we call it a 'quit claim' here). My sister in law and I signed one when our MiL signed her home over to my DH and his brother. It prevented us (SiL and I) from trying to claim the house in the event of divorce or death of one of the brothers. We knew that the quit claim wasn't needed on a 'moral' ground, but it's always good to cover all the bases because you just never know.

Most mortgage companies here (I'm in the US) will not give a mortgage unless the mortgagees name is on the deeds as that is their 'security' for repayment.

You also need to consider any tax and/or inheritance problems.

Sugarpiehoneyeye · 28/01/2017 18:00

I would definitely take him up on his incredibly generous offer. However, only after I had had legal papers drawn up, by my solicitor.
Your DB, loves you and his nephew dearly, but life changes, we never know what is around the corner, eg., illness, divorce, infidelity, redundancy, many things, too numerous to mention.
You cannot afford to ignore common sense OP, don't let your love for the house, cloud your vision.
I hope it works out. 😀

MotherofA · 28/01/2017 18:00

So so kind of him to offer regardless whether it's the right thing to accept

thethoughtfox · 28/01/2017 18:00

What if he dies or can no longer work for some reason? If there is any major change in their circumstances, paying your mortgage would be the last thing on their minds. Don't buy a house you can't afford. Buy one you can afford and move if your circumstances improve.

Snifftest · 28/01/2017 18:01

Haven't RTFT but just in case no one else has mentioned it, you'd be liable for the higher rate stamp duty as it would be his second home.

Trifleorbust · 28/01/2017 18:07

How old is your son? I am surprised you took him to see the house before getting legal advice Of course he wants a dog!

Original poster

Bigfluffybear · 28/01/2017 18:08

My son is 12 we've discussed moving and looked at houses before

OP posts:

Trifleorbust · 28/01/2017 18:12

Fair enough, OP. Well good luck.

Original poster

Bigfluffybear · 28/01/2017 18:21

Thank you I will be seeking advice as my legal knowledge is limited in property. The house is beautiful so it's exciting.

OP posts:

DeathStare · 28/01/2017 18:36

OP I'm not saying don't do it. I'm just saying that if you are going to do it you need some legal advice, and a discussion with your brother and your lawyer about what would happen in each of those situations (and more) and put your agreement in writing.

Simply saying we won't fall out/die/split from partner, is very naive. Nobody intends for any of things to happen, but the reality is they do and if you go through old posts on here you will find lots of people who started out like you with the best of intentions and sure nothing would go wrong, but then it did.

Other things to think about:
If the house needed major repairs, who would pay?
What if one of you thought the repairs were essential and the other didn't?
Does it mean that your brother has a key? That he can let himself in without knocking? What about his partner?

KateDaniels2 · 28/01/2017 18:38

Is his partner ok with him paying oart of your mortgage?

Just make sure you are protected.

Original poster

Bigfluffybear · 28/01/2017 18:39

Death I'm not naive and I will seek advice.
The house would be my overall responsibility and I will have house insurance. My brother has a key to my house now

OP posts:

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