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BTL with a friend for 1.5 years only... Advice please!
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You would be mad to do this!0
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Okay I'm decided this is a no go. If I transferred 2.7k to my friends back account and he transferred it back with a little more in 1.5 years would I need to consider anything with this? Friendship, risk and guaranteed against assets aside.0
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Deleted_User wrote: »Okay I'm decided this is a no go. If I transferred 2.7k to my friends back account and he transferred it back with a little more in 1.5 years would I need to consider anything with this? Friendship, risk and guaranteed against assets aside.
You could draw up an agreement and loan him the money, but the interest he pays you should be declared for income tax purposes. You need to decide whether that is worth the risk of not getting your money, compared with something like https://www.nationwide.co.uk/current_account/flexdirect/default.htm0 -
Do you realise you can't take a sole mortgage on a property which will be jointly owned?
Or are you going to front the purchase without his name being involved?
Why would that be?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Deleted_User wrote: »Okay I'm decided this is a no go. If I transferred 2.7k to my friends back account and he transferred it back with a little more in 1.5 years would I need to consider anything with this? Friendship, risk and guaranteed against assets aside.
It's unlikely your friend will find a lender prepared to lend based on a borrowed deposit.
Does your friend have any money of his own to put down? If not, your 5% won't be enough for a deposit on a BTL anyway.0 -
kingstreet wrote: »Do you realise you can't take a sole mortgage on a property which will be jointly owned?
Or are you going to front the purchase without his name being involved?
Why would that be?
I didn't realise that. I'm not sure what you mean by front the purchase but no, nothing nefarious.0 -
Just wondered if he had credit problems which would prevent him being party to the mortgage.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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