Adding a friend to our deed

getmore4less

Do your parents have any interest in the property?

That could be through part ownership or lifetime interests.

getmore4less

A DMP should be set at a level that you can still afford the mortgage.

Bigsul

getmore4less wrote: »

A DMP should be set at a level that you can still afford the mortgage.

It does, but we are looking for ways to pay off in full in be debt free.

Bigsul

Ditch_Crawler wrote: »

You and your friend appear to have good confidence in each other. I wonder if it's technically possible for your friend to give you a second mortgage on the property, thereby acquiring a kind of a stake in it. You would have to come to a separate agreement about how your friend would share any increase (or decrease) in the property's value over time.

Ditch

Do you mean a seperate loan agreement with the friend, forming a contract to iron out difficlties that may arise, such as house price rise, death of one of the parties etc?

This may be an option.

Ditch_Crawler

Bigsul wrote: »

Do you mean a seperate loan agreement with the friend, forming a contract to iron out difficlties that may arise, such as house price rise, death of one of the parties etc?

This may be an option.

Those would be precisely the sorts of things you would have to address - the terms of the loan itself would be set out in any second mortgage deed, and there would be no reason why those terms would necessarily have to include any form of monthly repayment but only a specialist solicitor would be able to advise in any detail. Your existing lender would have to give consent to any second mortgage on the property.

Ditch