If it were me id go for the house for 70K outright and concentrate on slowly doing it up as it's all yours then
Iv heard a few nasty stories about part ownership that make it very hard to get out of it after e.g if you buy a place 50/50 for 120k and you mortgage 60k and housing takes a further downturn and the place is worth 100k went you want to sell you'l owe 60k to the company you went 50/50 with and get 40k for yourself when you'l still owe 60k to mortgage leaving you 20k out of pocket,but on the other hand if it goes up to say 140k you'l owe 70k to company and get 70k yourself giving 10k priffit for your next place.
good luck with what ever you choose
Darren
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