buying with friends

thewinkshow

hi im looking for a little advice

me and 2 of my friends are looking at buying our own house,the 3 of us are single males living at home currently,we are 22 years old

the problem is we only earn 15,000 each

how much will they lend us on this?none of us are in a bad way with debt,we can get a 7,000 to 10,000 deposit,what type of mortage would be best/cheapest repayments?we are looking at staying in there for 5 years and would hopefully like to do it up and make money when we sell,we see it as a way onto the property ladder as its getting really hard for FTB,please can anyone advise as to weather this plan of ours can be done or is it unrealistic?

thank you

Fitzy29

Personally I wouldn't take on a 6 month lease with 3 other friends never mind a long term commitment such as a mortgage!

Even the best of friends fall out over money and it can course long term damage to your well being.

I didn't want to sound negative, but that's my thoughts on that, think long and hard before entering into financial agreements with mates, trust me I know to my cost!

Fitzy29

Oh, by the way there's a section on HSBC's webiste for buying a place with mates, take a look it gives you all the lending info!!

meanmachine_2

Rent with mates, buy with a girl/boyfriend when your career is established.

You don't yet earn enough to buy.