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Buying a house with a friend
Comments
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This friend needs to be practically a member of the family and never going to ever be a problem to you. As the posters above have said there are many ways this can come unstuck and cost you money. You would be better putting the money in NS&I or another bond of somekind, preferably on your own.
Houses are no longer a short or mid term guaranteed investment whereas trying a financial venture with a friend can ruin a friendship very quickly indeed!0 -
This friend needs to be practically a member of the family...
Except family and business don't mix, either... http://www.thisismoney.co.uk/work/article.html?in_article_id=507164&in_page_id=539280 -
Why wouldn't you be eligible for a first time buyer scheme? Surely as you don't have a mortgage now, you're back to first time buyer status?
I realise that's nothing to do with what you asked!
I did think though that you would always be able to rent it out in Oxford, all those posh students! I used to live there myself.saving up another deposit as we've lost all our equity.
We're 29% of the way there...0 -
RE, First time buyer status.
I would love for someone to tell me different but I was advised that First time buyer status as it applies to the Government HomeBuy schemes means that the applicant should never have been on a mortgage, and that searches on me would find that I had, so am not eligable.
And yes renting in Oxford is not a problem, a 2 bed apartment can get £750-£850 a month no problem.0 -
Some "FTB" schemes have been extended to try and help those suffering relationship breakdown etc.
http://www.communities.gov.uk/housing/buyingselling/ownershipschemes/homebuy/HomeBuyDirect/
"Although the scheme is targeted at First-Time Buyers, HomeBuy Direct could also help people who have previously owned properties but are now unable to buy without assistance, for example in the case of relationship breakdowns or families who are over-crowded in their existing homes."
When you enquire, no doubt they'll be out of funds, or it doesn't apply in your local area, or something else.
But it doesn't hurt to ask.0
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