Please Help Newby

daddyben

Hi im new on here and am looking at buying a house but don't know anything about mortgages.

I am looking at buying 50% of a house with my boss buying the other 50%. what type of mortgages are available for this purpose? This may be a really silly question but i have no clue so a friend said try on here.

Thanks for any help.

Jacka87

This seems like a weird situation as I have never heard of a boss buying part of a home for an employee. I would say firstly that maybe speak with your boss and see what he is thinking concernng the arrangement.

Is he going to live in the house or just doing it as a favour?
Is he planning on having his bit mortgaged or bought outright?

Need more details to actually start giving any advice.

beecher

First of all, what deposit do you have? Does your boss have another property already? Would it be a joint mortgage? And what happens if you leave job/one of you wants out of the deal?

daddyben

He is doing it as a favour and as a long term investment. He won't be living in it. He is looking at getting a mortgage. Its a small company.
Thanks as its anusual situation and the first time ive bought a house i don't know where to get any info.

_Andy_

How much deposit do you have saved up?

daddyben

We have a 10% deposit on our half and my boss will match that for his. He does already have a mortgage for his home. Im not worried about leaving job as i love what i do and we are friends as well as employee.

beecher

Just make sure you have everything worked out via a solicitor, so as you know where you stand should you have a fall out, or be made redundant/want to move.

AnAlternativeView

100% with beecher - get very good legal advise to cover you from a fall out / death / change of heart. Once you are in, you could get stuck with a house and loan you cant get out of etc.