Getting a joint mortgage with my dad

[foxydivano1]

My dad currently has a sole mortgage on our property and as a single person there is no way I can afford to get onto the property ladder, so my dad has offered for me to buy into the family home. The house is worth approx 360,000 maybe more, with a mortgage of about 110,000, I think I could only get between �55000-�60000, so 1/2 of whats left owing on the house. Without this helping hand I cant get on the property ladder, there are no plans to sell the house just yet, but I take it a contract would have to be made up so dad gets the majority share when/if the house is sold. I have a brother, who if anything happened to my dad would get a share of the property, so his will would have to reflect this. Is there anything else I should think of? And whats the first steps we should take if we decide to go ahead and get a joint mortgage?

Thanks in advance to anyone who can offer any help or advice.

[Postdog]

I would suggest you get legal advice on this. I bought my house with my mum many years ago. Like you, I had no chance, and as it was a council house (in her name) we bought it. Anyway, I have a sister too, so I was a bit worried (especially as I was paying the mortgage!) that when my mum died, my sister would by default get a share of the house I was paying for and living in. I actually got my mum to specify it in a will that her share of the house would pass to me, but I was told after - don't know how true - that it would have come to me anyway. As I said, I don't know if that was true or why if it was but for safety's sake, get proper advice now to ensure it goes how you want it to.