We are both single and no one on the horizon, but we both want to get on the property ladder. Neither of us earns enough to get a mortgage on our own but think we could do it if we got one together. I've heard about a new sort of mortgage that's for friends buying together, where after a couple of years you review it and if it's not going well/one of you wants to move out you can sell up or whatever.
Before looking we are going to sit down and work out contingency plans for if anything goes wrong like being fed up of living together, or one or both of us meeting someone and wanting to move out or move them in. Plan would be to get all that drawn up by a solicitor so if it goes wrong neither of us should lose out.
Any one know anything about this or have any advice, or know how mortgages work and can explain it? I earn £13600 and my mate earns about £14k. Where we live is still quite cheap...average house price the the area is 102k! Lots are around 70-85k
2006-07-29
20:50:47
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13 answers
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asked by
Anonymous