Mortgage with 3 people paying?

CindyC_2

Hello everyone, my first post here so please be gentle with me.
My elderly Mother really needs someone with her 24/7, so my Brother, myself, and my partner are thinking of buying a house for the four of us, and splitting a fixed repayment mortgage 3 ways. However, the Building Society we approached (Nationwide) only wants to take in the two highest earners salaries into account and on that basis we could not get enough to buy a big enough place - they say £130K max. We're looking to borrow £180k to buy a place for £200K as we have a £20K deposit. Our salaries are 26K, 13.8K, and 12K. Does anyone know a lender that might accomodate us? Any help or advice appreciated. Thanks.
CindyC

AndrewSmith

There are many high street lender who will look at this, but without knowing all the details it is difficult to say.

The last 3 person purchase I did was placed with the Birmingham Midshires without any trouble.

You are basically looking for 3.5x all your joint incomes. Not easy, but may be possible.

Remember to take sound advice on the legal implications of you and your partner (as a couple) buying with a third party. I would suggest chatting it through with a solicitor over the phone, for which he should not charge.

Hope this helps

Andy

CindyC_2

Thanks for thw advice. I was wondering if it might be possible to get two mortgages as another option - one for me and my partner, and one for my brother? Would that be possible? Cheaper overall?

P.S. The person PM'd me, I've looked at your website and will show it to my partner and brother to dicuss.