can you get a mortgage for three people?

Question

is it possible to get a mortgage with three peoples names on the deed and if so how do they work out how much you can borrow (uk)

Answer 1

Yes, but the best way to go about it is to see how much of a deposit you have between you. If you have 15% then you are best going for a Self-Certification mortgage. With this option you can borrow what you feel you can afford as a group as opposed to working on multiples of salary. One such company that provides this is BM Solutions - a branch of Birmingham Midshires. You tell them what your income is and sign the form, therefore certifying your income. You do not need to provide details of your income (wage slips etc), which is why this type of mortgage is growing in popularity. The downside, obviously, is that you need to provide a large deposit and the interest rate is slightly higher that some of the discounts available at the moment. However, they are still quite competitive (around 0.5% to 0.75% above the Bank of England Rate) and they also have fixed-rate packages available.

My other piece of advice with Group Purchasing is that a Repayment Mortage is probably not the best route - unless you all intend to keep the property for a very long time (more than 5 years). An Interest-Only package will keep the costs down considerably.

Also, make sure that you all sit down and work out what is going to happen if one (or more) of you want to sell tthe property to get your money out.

Finally, see an independent mortgage advisor - not one of the big lenders you see on the high street and not a mortage advisor tied to an estate agent as they can only offer one product. An independent advisor will see what's out there in the market that best suits your needs. They will also be able to fill you in on all the details with regards to group purchase of a house.

This link may help...

http://money.guardian.co.uk/firsttimebuyers/story/0,,709588,00.html

Good luck.

Answer 2

It is certainly possible, but be very aware that such a move is fraught with legal type problems.
Yes be tenants in common, not joint tenants, but what if person A sells their share and you really cannot stand the person - or people- or company- that they sell it to. Don't forget that the new purchaser will have the right of residence, or nomination of resident(s) at the property. What if they sell it to a three person consortium and they all want to live there - then who pays the electric, the repairs and maintenance, what happens when the fridge conks out, who gets to park in the garage etc etc.
Also, what if person B decides not to pay their share of the mortgage. It doesn't work that you only have to repay two thirds of the repayments to the mortgage company. Who pays what?
All easy stuff when you are good pals etc, but just you wait till it all ends in tears.
Get it very tightly sewn up by the legal boys or you will be in some very expensive trouble at some point.

Answer 3

I reckon you can do it but the problems at the resale could become a real migrane unless everyone wanted to sell at the same time. I hate to think what would occur if one of the pricipals should pass on.
Ultimately, it would depend on the purpose of the purchase - are you investing together or is it to become a residential property?
I think the best way to go would be joint tenancy or perhaps purchase a multi-family defining who owns what share of the property.
There can be tons of legalese surrounding this. Get everything in writing signed by witnesses and make sure the title is protected That would be significant for many reasons. Here's one possiblility.
If Principal A wanted to borrow against the title for any reason, and Principals B and C do not want to borrow against the title. What would you do? Tread lightly.
I encourage you to do more research before undertaking this purchase.
Best!!!!

Answer 4

The short answer is yes, you can have three people on the title of the house. You would all need to talk to a loan officer because you would be pre-approved based on your combined income and debt and credit scores. You would need to talk to an attorney about the legal pros and cons of owning the the home as tenants in common or joint tenants. For example, with one you can sell your part of the home without the others selling theirs while the other requires all to sell at the some time. If someone died ownership would transfer equally to the two other owners or it would be transfered to a third party via a will.

For the long answer call a lawyer... : )

Answer 5

sure you can more the merrier ..but i think 2 persons income is taken into consideration ..others can raise money through the banks for the same property ..mortgage company's agree to that ..lol

Answer 6

A wager: you'll be able to have been a sufferer of robo signing. I examine a tidbit in this, and in the event that they positioned foreclosures on your credit comments, you should get it bumped off in case you have been a sufferer. = it extremely is so unreliable, i did no longer even desire to type it. in basic terms a wager.

Answer 7

yes - no problems getting it.
Just a problem of keeping you 3 together long enough to pay for it.

Answer 8

yes

Answer 9

I believe you can have up to four.