Mortgage for 3 people??

amjad171

Hi,

I have seen a property that I would like to buy, the only downside is I already have two on my name and one is a BTL bringing in £600pm, and the other is a 50k interest only mortgage, my salary is £26k. The house I have seen is £85k and the maximum deposit I will have is around 3-5%, will it be possible to get this mortgage with me and my two brothers for the mortgage, I think their salaries combined are around 18 - 20k?

For a mortgage with 3 peoples name is it possible to get it with no fixed period, no tie in because all we want to do is do it up and sell it in a couple of months?

AndrewSmith

Yes this is very possible, obviously depending on the case specificts, but in theory, yes.

Andy

TangentMan

Yes. Certainly there are high street lenders that will offer you a mortgage in the name of 3 people. What you might lose is some flexibility of the choice of mortgage (for example some current account mortgages stipulate only two people on the mortgage) but if you are looking to only have it for a short period this probably doesn't matter. You should be able to get both competitive rates without ERC as well.

MortgageMamma

I have just done a mortgage with four siblings buying a 6 bedroom house. It was a nightmare as they couldnt agree on the mortgage they wanted! I kept smiling to myself thinking of what they will be like over the divison of chores!

amjad171

Thank you all for you replies.

I'm meeting a mortgage broker later today so will post back how it goes..

thanks

homer_j_3

MortgageMamma wrote:

I kept smiling to myself thinking of what they will be like over the divison of chores!

Chores - what are they? Ah its that thing you women do isnt it....:rotfl: :rotfl:


Maybe they will go 4 ways on hiring a cleaner.

MortgageMamma

homer_j wrote:

Chores - what are they? Ah its that thing you women do isnt it....:rotfl: :rotfl:


Maybe they will go 4 ways on hiring a cleaner.

I'm going to print this off and post through your letterbox with your dear lady's name on it Mike. I'm sure she'll take great pleasure in telling us the chores that I KNOW you have to do :rotfl:

mrvolleyball

What salary multipler would mortgage companies offer for 3 people ?

AndrewSmith

It would generally be the multiplier applied for a joint application. Usually around 2.75x.

Before you all jump all over me going 'I got it for more than that' etc etc I appreciate that not every lender or application will be the same, hence I said 'generally'.

Different lenders work in different ways though. Depends of the case as a whole.