House share mortgage

EP90

My parnter and I want to share with a friend (3 of us in total). I've had a quick look on the internet but I can not find much info.

1) What lenders offer house share mortgages?

2) How do they calculate the total amount you can borrow?

Thanks!

herbiesjp

When you say house share do you mean house purchase?

So all three of you would be on the mortgage application?

EP90

Thats right

payless

less and less lender publish their actual multiplers these days - even on "normal cases"- instead they rely more on affordability or base lending on credit score.

so even harder to get actual figure- although 3.5X first and 1 times the remainder is likely

IMHO most lenders don't really want " out of the ordinary cases "
as trying to streamline process - thats not to say they won't lend in 3 people - just the process is less straightforward with many lenders

--

if you do go ahead , look at differences between tenants in common / joint tenancy.

What agreement would you have if 1 wanted to "leave / sell up ?

herbiesjp

Payless is 100% on that front.

Anything out of the norm is not treated as a priority and pushed aside.

I have spoken to lenders about this before, and rather than having a standard, they have told me it is done on a case by case basis, depending on the actual circumstances of the individuals involved.

The figures they were quoting were about the same as those mentioned already 3.5* main income and then 1* the other incomes.

Again, without knowing more specific detail, I cannot give any more detailed information.