Shared/Group/Mates Mortgages - first post, be gentle with me!

gray-ham

Hi all,

This is my first post, so please be gentle with me, I've skimmed through the forums and mainsite and can't find much information on this.....

House prices in my area are completely crazy and the only way I can see myself getting onto the ladder is to buy with 2 mates and share the cost and burden (and risk!).

We're trying to find places that do shared mortgages, but having gone through t'internet, there doesn't seem to be many places that do this, at least none that actively advertise that they offer mortgages for more than 2 people. (Nationwide for example would, but only take 2 people's salary into account, which just doesn't help....).

I found HSBC do (with a high rate), and Britannia too (won't lend enough...), so I have 3 basic questions:

1) Is 'group mortgage' the correct name to be searching under?
2) Is it likely that most high street names will offer this mortgage but just don't advertise it?
3) Would I expect to pay a premium on the standard mortgage rates to secure this kind of mortgage?

All help is very gratefully received!!!

:beer:

Graham

MortgageMamma

Most lenders will do them, you dont need a specific special mortgage for it. majority of lenders will accept up to four applicants per application

No extra premium required, but because there's a few of you with different employment details, different ages, different credit status's you would be well advised to arrange this mortgage through a professional

gray-ham

Many thanks for your reply MortgageMamma, I think it's true that a lot of the companies will accept upto 4 people on the application, but from my (limited) research thus far, it seems that a few of them are not willing to take into account more than 2 incomes into their calculations.

Any ideas which ones will take into account our collective salaries?

Thanks again,

Graham

MortgageMamma

I do know a few of them yes, but if I told you who they were and you went and applied to them and didnt fit the lenders critieria it would be negligent of me, as you cuold damage your credit ratings if you keep being credit checked

Us brokers don't bite (unless you ask nicely)

MM

gray-ham

Understood!

I guess the best method will be to bash the phones tomorrow!

Graham

MortgageMamma

I'll give youa clue, one such lender is based in the north, and you can usually buy lots of it in seaside resorts

But seriously, speak to a broker, there could be a much more competitive deal than the lender I am thinking about. I've not done a 4 applicant mortgage since before xmas 06 so things might have changed since then