A Shared Mortgage?? 2 individual or one joint??

Toda1977

Hi all,

My flat mate and i are sick of renting, A programme on t.v a few weeks back stated that the best way to get on the property ladder is to share a property.

Does this mean that we would have to set up a joint account and share a mortgage or can we both have a separate mortgage and pay off our own share??

Any thought would be gratefully recieved.

Thanks in advance :-)

Toda

herbiesjp

You would need a joint mortgage - you would need to speak ro a solicitor about the implications of this i.e. if and when you both decide to sell

Debt_Free_Chick

Toda1977 wrote:

Hi all,

My flat mate and i are sick of renting, A programme on t.v a few weeks back stated that the best way to get on the property ladder is to share a property.

Does this mean that we would have to set up a joint account and share a mortgage or can we both have a separate mortgage and pay off our own share??

Any thought would be gratefully recieved.

Thanks in advance :-)

Toda

And you would jointly own the house, so you need to think about what you would do if either one of you wanted "out" to move on.

Lots to consider - you might as well be married

Regards

Toda1977

O.K thanks for that.

Surely we will still be better off to own half the property each rather than renting a place off a geek we cannot stand ;-)

Debt_Free_Chick

Toda1977 wrote:

O.K thanks for that.

Surely we will still be better off to own half the property each rather than renting a place off a geek we cannot stand ;-)

Probably ... whilst the relationship is good. But do think about how you will split the property ownership, if the relationship sours ... hence my reference to "you might as well be married" i.e. "divorce"???!!!

Old_No.7

I've bought a property with a friend 3 years ago for exactly the same reason (paying off a moron's mortgage) If you're sure that you both have the same attitude to money, investments in the property etc. it's worth a go. Ours worked out really well, but I realise we've been lucky: I've seen many happy loved-up couples split up since and the aftermath of dealing with the property was always horrible. Ours was much more business-like: think & talk about all the pros and cons, have a plan B, C, D in place for both your immediate futures and consider a place where you can rent out one (or both) of the rooms if someone wants or needs to move out, and have as few tie-ins as you can in the mortgage (that's always good advice, really). We've loved living together, then my friend moved out to go travel, then moved out altogether to another town, and I've moved out 6 months ago to move in with my bf: it's worked so well for us though, we still in partnership & now rent out the entire flat.