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Joint Ownership with Mother??
braders100
Posts: 21 Forumite
Hi,
I would appreciate anyone's advice if willing...
I want to get a house, but im new out of uni and money is tight, however - i do have a steady job that pays well, but not enough to buy on my own.
With house prices rising and rising, i would like to go half/half with my mum in purchasing a property and rent it out, and try and pay it off relatively quickly.
She is willing to do it, but in 2 years there could be some confusion. I may not even want to live there and buy my own elsewhere, so how would we sort it out? Were both hoping that prices will rise and make a tidy little profit in that time posibily?
Has anyone tried this, and if so what are you thoughts and concerns?
Any help would be fantastic!
I would appreciate anyone's advice if willing...
I want to get a house, but im new out of uni and money is tight, however - i do have a steady job that pays well, but not enough to buy on my own.
With house prices rising and rising, i would like to go half/half with my mum in purchasing a property and rent it out, and try and pay it off relatively quickly.
She is willing to do it, but in 2 years there could be some confusion. I may not even want to live there and buy my own elsewhere, so how would we sort it out? Were both hoping that prices will rise and make a tidy little profit in that time posibily?
Has anyone tried this, and if so what are you thoughts and concerns?
Any help would be fantastic!
0
Comments
-
You can do that but you are looking at a BTL mortgage.
Speak to an independant mortgage broker.0
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