Buying with a friend

steveo999

Im thinking of entering into a mortgage with a friend for a 2 bedroom place.

My friend has bought before and is letting a few properties out.

Im a first time buyer. What he has suggested is that I get the mortage myself to get my first time buyers discount ( should be able to afford it) and he will contribute 50%.

Obviously we will need some sort of contract drawn up between us so i am not just legally responsible for the place should anything happen with regards to payments etc.

Is this sort of thing normal - can anyone offer advice?

LilacPixie

Sounds fishy to me.

What is your intention for the place?? is it for you both to live in??

I think ultimatly contract of no contract you would be solely responsible for the home as the sole mortgagee and if payments stopped it would be your credit history being blighted. your only recourse would be to take your 'friend' to smallclaims for the 50% share.

drrobert

Sounds very dodgy to me too. Why not spend the next few years saving up while the housing market falls, then you can get your own place for less money.