Hello,
Question regarding a family member, we're trying to think outside the box to get him on the property ladder.
My brother who is in his early 30s is living with my father in dublin. He works full time but his salary is in the 35000 range, so is priced out of Dublin. My father owns the house outright.
The scenario we're exploring is this:
if my dad legally gifted this family home (worth 340,000) to my brother, then obviously it would be in my brother's name. Could my brother then proceed to remortgage it, and use the funds to buy a slightly cheaper second house that my dad could live in?
That end result would be that my dad gets to downsize and my brother gets a house which the usual loan to income rules would have otherwise prevented him from owning. Am I missing something??
Feedback appreciated!
Question regarding a family member, we're trying to think outside the box to get him on the property ladder.
My brother who is in his early 30s is living with my father in dublin. He works full time but his salary is in the 35000 range, so is priced out of Dublin. My father owns the house outright.
The scenario we're exploring is this:
if my dad legally gifted this family home (worth 340,000) to my brother, then obviously it would be in my brother's name. Could my brother then proceed to remortgage it, and use the funds to buy a slightly cheaper second house that my dad could live in?
That end result would be that my dad gets to downsize and my brother gets a house which the usual loan to income rules would have otherwise prevented him from owning. Am I missing something??
Feedback appreciated!