Can I buy out a portion of someones house?

[supercommuter]

PistonBroker said:

Agreed, second charge sounds most obvious.

Problem is they take a back seat behind his existing mortgage. I will never get my 15k back if I do it this way, he would just be paying me interest on it. I want some collateral in ownership of the house. Having spoken to my solicitor and mortgage guy today we will have to wait until the end of their mortgage term in November anyway.

I would like to buy a 15k stake in the house with the associated equity, or buy half of it and he rents half back to me at a reduced rate.He has to see if his partner will wait until November to avoid early exit charges of his existing mortgage.

I will then have to pay a portion of stamp duty I believe to buy half. Which is fine, it is not an expensive property.