How you think is that possible?
Any advice ?
2006-12-03 09:27:05 · 5 answers · asked by tanecznica 2 in Business & Finance ➔ Personal Finance
that is about me ,my sister and our boyfriens(longterm).
We all working-annual income approx 44 000
2006-12-03 09:32:22 · update #1
Is it make any difference if we renting privately.?
2006-12-05 09:12:56 · update #2
Make sure you get a proper legal contract drawn up regarding what happens if people want to move out, split up etc. Can people be bought out of their commitment, how do you share property growth? that kind of thing.
2006-12-03 09:45:47 · answer #1 · answered by Anonymous · 1⤊ 0⤋
yes. Lenders are very keen to lend to people that are renting as it helps them get on the housing market and also because if you can show that you have maintained your rental payments it highlights to a lender that you will also meet your mortgage repayments. The majority of lenders will accept an application from 4 parties and will normally use an income calculation made up of 4 * the largest income + 1 of each other parties income.
ie, if one of you is earning £25k and the other 3 people are earning £20k the lender will work out what you can borrow based on 4 * £25k + £20k + £20k + £20k = £160,000.
However, there are implications you will need to consider when buying with friends in this situation, such as what you will do when one of the parties wants to move out/sell etc and I would suggest as well as speaking to a good financial adviser you also get an agreement drawn up with a solicitor to protect the money you put down as deposit and to protect everyone's interest should one of you want to leave/sell their share in the property.
Good Luck - you should find buying a house/flat cheaper than renting and benefit from the capital growth in the property.
2006-12-04 08:53:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you're all going to occupy the property, the process isnt going to be any different than if it was just one couple! That is, if that's your concern!
The concern is all 4 of you living together!
2006-12-05 08:53:53 · answer #3 · answered by ALEGNA 3 · 0⤊ 0⤋
HSBC allow up to 4 friends to buy a place together.
http://www.hsbc.co.uk/1/2/personal/mortgages/types/first-time
2006-12-03 22:57:11 · answer #4 · answered by Tracey S 1 · 1⤊ 0⤋
possible but think of the arguments over the bills etc
2006-12-03 09:36:57 · answer #5 · answered by mishnbong 6 · 0⤊ 0⤋