My mum spoke to the bank today and they are happy to lend! What the bank manager's suggestion was though, was that we each take out a separate mortgage, say of $200 000 each.
That way, if I want to make extra payments, I'm free to do so and vice versa. We would still own the property 50/50 and when it came time to sell, we would simply split it down the middle.
I could then use my half to pay off the rest of my mortgage or to do whatever. So in a way, it does give me the independence I was after, as I can pay more and try to get rid of the debt as fast as possible.
We are planning to make an offer tomorrow morning. I'm very excited!
And so you should be exited I,m exited for you congratulations. Hope your offer is accepted.
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