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Morggage with friend
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Posts: 76 Forumite
I am going to get a mortgage with a friend for 20k, as an investment and rent it out.
I cant do it myself, as my credit rating is so bad.
Can we put it in both are names, so we get 50/50 cut?
If no is it possible for a solicitor to write up we both get 50/50.
The credit check has to be done in his name
thanks
I cant do it myself, as my credit rating is so bad.
Can we put it in both are names, so we get 50/50 cut?
If no is it possible for a solicitor to write up we both get 50/50.
The credit check has to be done in his name
thanks
0
Comments
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How are you going to get a mortgage without being credit checked?0
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Drop this idea immediately.
It does not make sense on a number of levels.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
How does it not make sense?
I would do it myself but cant because of my credit rating.
So make sure everything's in writing, then pout everything my friends name?0 -
How does it not make sense?
I would do it myself but cant because of my credit rating.
So make sure everything's in writing, then pout everything my friends name?
It might make sense to you, but that's only because you don't understand the implications of what you want to do.
Sort out your credit rating then get a loan.
Why do you want to get into more debt when you've already shown you're not responsible with money?Hope over Fear. #VoteYes0 -
All in all it sounds like a good way for you to lose your friend.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
If your name isn't on the mortgage and deeds then you're not entitled to a penny. You can't be on one and not the other. Save up and wait til you can do it yourself, it's not worth losing a friend for.0
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How does it not make sense?
I would do it myself but cant because of my credit rating.
So make sure everything's in writing, then pout everything my friends name?
The reason it doesn't make sense: if everything is in your friend's name, then everything belongs to your friend. That means it's his investment, not yours.0
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