Hi all,
Around 8 years ago my wife bought a property with her brother. Mortgage is split 50/50. They lived in the house for 3-4 years, we then got married and bought another property, as did the brother.
The house has been rented out for a couple of years, here's he kicker though. There is a significant shortfall between the rent, mgmt fees etc against the mortgage (c. €500). The brother is barely making ends meet while we both have good jobs. We have been meeting the shortfall in the meantime but cannot sustain it as we're not able to put any money away.
We would like to sell the property and would like to know:
Given we both earn good money will the bank load us with all the debt? I'm happy to take on our share but cannot stomach what I see as paying his way for several years to come. Moving into the property is not an option for us as we live in a different county and need to be here for work etc. we would like to buy here eventually.
Our other property is rented and we have no issues with it.
Any advice?
Around 8 years ago my wife bought a property with her brother. Mortgage is split 50/50. They lived in the house for 3-4 years, we then got married and bought another property, as did the brother.
The house has been rented out for a couple of years, here's he kicker though. There is a significant shortfall between the rent, mgmt fees etc against the mortgage (c. €500). The brother is barely making ends meet while we both have good jobs. We have been meeting the shortfall in the meantime but cannot sustain it as we're not able to put any money away.
We would like to sell the property and would like to know:
Given we both earn good money will the bank load us with all the debt? I'm happy to take on our share but cannot stomach what I see as paying his way for several years to come. Moving into the property is not an option for us as we live in a different county and need to be here for work etc. we would like to buy here eventually.
Our other property is rented and we have no issues with it.
Any advice?