buying into a house

Hudson1984

hi all, after some advice....again

I currently rent my home, however after my signature debts are cleared i'll be looking to buy something.

with this in mind I have been offered basically a joint ownership possibility. A close friend is buying a house this year and wondered if I wanted to buy in with them, obviously I can't do this now but the idea is to leave them to it for a year whilst I save a contributory deposit and then switch the mortgage to a joint from a single.

would this work? are we just going to open a can of worms. The main idea with both paying in is that we can clear the mortgage much sooner than going it alone. Basically they will be paying the deposit and getting the house in their name and once i'm secure and have a deposit I would then buy in and we'd both own half and split the mortgage.

Let_Us_See

.......and? How long would you envisage this arrangement lasting? Seems quite a complicated way of owning half a property on paper and fraught with potential conflicts.

~Beanie~

Hudson1984 wrote: »

Would this work? are we just going to open a can of worms. The main idea with both paying in is that we can clear the mortgage much sooner than going it alone. Basically they will be paying the deposit and getting the house in their name and once i'm secure and have a deposit I would then buy in and we'd both own half and split the mortgage.

Opening a can of worms in my opinion.

Buy in how? What happens if the value of the house goes up (or down) in the next 12 months? What about the 12 months of mortgage payments that your friend will already have paid, will these be taken into consideration? What if you can't get a joint mortgage? What happens when one of you meets the love of your life and wants to live with them or wants off the mortgage and the other person can't afford to buy them out?