buy a house with 4 people

daveyjones15

hi i was wondering if someone could shed some light on buying a house with me and three other people please? we are all first time buyer and in employment. as we are all on basic pay is it possible to get a mortgage bassed on all 4 incomes? we have 30k for a deposit not to sure if this is good or not?! any advice on this matter would be great

cheers dave

Beckyy

What kind of price range are you looking at?

Lots of questions to ask yourself:

- Would you be able to stick the debt if someone stopped paying?
- How would you manage 'the pot' - which account would the money come out of?
- Would you buy the house with the intention of keeping it for 2/3/4/5/10/15 years?
- What would do if someon wanted to sell up but you didn't?
- what kind of relationship do you have with the others?
- Are their jobs safe.they good with money? etc.

opinions4u

Disaster waiting to happen.

Please don't do it.

Annisele

I agree. I don't think it matters whether you can get a mortgage or not; it's a disaster either way.

fiesta04

You can not really be serious!!!

JMW77

Agree with everyone else , never work.

_Andy_

fiesta04 wrote: »

You can not really be serious!!!

I am serious, and don't call me Shirley

Ximian

I will echo what most have said: don't do it.
Owning a house with just one other person can be frustrating, I can imagine three other people. Expect arguments about who pays for repairs, house insurance, job loss of one or more owners who will pay what and other similar arguments. It can get really complicated. Add in arguments of who will live there, someone has a new partner/girlfriend/boyfriend and decides to move in or out. If you do decide to go ahead I would recommend to get a detailed terms and conditions agreement signed by everyone that covers most scenarios.

ruggedtoast

Unless you're buying it as a btl investment and none of you expect to actually live there it sounds fraught with risk. And even then...

molit

in answer to the question you ask - yes it is possible I believe, speak to a mortgage adviser

do bear in mind the comments that are being made. I have known friends buy together, and it have been the best thing they have done....I also know a couple who are married, who still have seperate houses...be honest with yourself, and each other, and make sure you work out an exit strategy

ManicMum

yikes, don't do it. My brother and his partner just rented with 3 others and I predicted it would fall apart within a few months. I was right. They now rent their own place. Remember, the older you get the more set in your ways you get. Parties and living like students etc may seem great at 25. At 30 it's becoming a bit of a pain and at 35 you can't be a***d. Plus by then some or all of you will want to be married, kids etc. Plus along the way some of you will want to move partners in. And that's just the things I can think of.