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Can You See a Solution?
chambta
Posts: 2,770 Forumite
I'll keep it brief.
Friend wants to buy the house he rents but cannot raise enough of a mortgage to do so due to his income.
Landlord has offered him the option to buy half & pay a small amount of rent with the option later of him 'buyigng out' (his words) the remaining share in the future.
His bank have told him they can't help and I can't think any bank will be able to help. Is there any option open to him and his landlord?
Friend wants to buy the house he rents but cannot raise enough of a mortgage to do so due to his income.
Landlord has offered him the option to buy half & pay a small amount of rent with the option later of him 'buyigng out' (his words) the remaining share in the future.
His bank have told him they can't help and I can't think any bank will be able to help. Is there any option open to him and his landlord?
0
Comments
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not surprised no one wants to know.
He would have to co own the house...what happens if he then cannot pay the mortgage?
it's not a good idea...you can read daily threads here about people who buy with friends and even with partners. Buying with a LL...what is he hoping to gain?0 -
Agreed, I will 2nd that !!
The ONLY people the Banks help - Are themselves and maybe some of their 'Puppet show' staff !!:mad:Thomson 757 Man0 -
not surprised no one wants to know.
He would have to co own the house...what happens if he then cannot pay the mortgage?
it's not a good idea...you can read daily threads here about people who buy with friends and even with partners. Buying with a LL...what is he hoping to gain?
The landlord is selling all of his buy to let portfolio and retiring as his wife is ill.0 -
yes but what is your friend gaining? Apart from a future headache.?0
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