Getting on the property ladder

Mumwhocares

My daughter is looking to buy a house with her long term boyfriend (4 years living together - with us!) and her cousin. Does anyone know if it is possible for 3 adults (ages 22 & 23) to get a mortgage between them?

Thanks

CLAPTON

it is possible for three people to get a mortgage together (subject to status etc) but extremely unwise

GAH

Yes it is possible, they will obviously need a deposit, and be working.

First stop should be an Independent Mortgage Advisor or Whole of Market Broker to assess their situation and see what they can afford.

Dave_Ham

It can be certainly be done, but not always straightforward..

They must consider some lenders will not use all 3 incomes, rather 2 for affordability point of view.

They must always plan what they will do if one of the 3 wants to move in with another partner/person etc. and if the deposit is split 3 ways - how will the exit practically work.

They also need to realise that it creates a financial association.

If I were the broker, I would want to understand the motivation to have a 3 names on the mortgage before I would give advice.

For example - 2 buy and then the 3rd one rents a room??

In answer to your question though, it can be done...

Mumwhocares

Many thanks to all of your replies (and so fast!). I had already mentioned to them the possibility of one of them wanting to get out of the mortgage and how they would be able to enable this to happen. They were looking at this so they could buy a house using the 3 incomes, however, this may not be possible if the lenders will not take this into consideration.
Thanks again

GAH

Do they live together at the moment?

If not, maybe it is better to rent together for a while, because once they do have a mortgage and someone wants out, it is not always easy at all.

shortchanged_2

I would say avoid this like the plague.

People change, circumstances change and it can all get very messy.