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Loans for Joint Freeholders
Hello
Does anybody know if it is possible for joint freeholders (x 4) to get loans for essential repairs to the building? any lender I have spoken to says only lend to max of 2? We are 4 flat owners who each own an equal share of the freehold on the entire property.
thank you
Does anybody know if it is possible for joint freeholders (x 4) to get loans for essential repairs to the building? any lender I have spoken to says only lend to max of 2? We are 4 flat owners who each own an equal share of the freehold on the entire property.
thank you
0
Comments
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Basically a very bad idea.
Why not each person get a loan for 1/4 of the amount needed?
then you will not be jointly liable if someone refuses to pay their share of the repayments
also of course if you have a joint loan with these people then you are financially linked to them and if they have financial difficulties this could trash your credit rating.0
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