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Is this ?
Dunmore
Posts: 27 Forumite
Hi. Have found conflicting info online so thought I would ask here.
Can I buy 50/50 with friend. They live in the property and pay rent to me for my half?
I would want to finance my half as buy to let, they would want regular residential mortgage.
If this is not possible is there any way I can finance my half based on the rental income rather than me being able to prove I can afford to pay my half from salary etc.
Many thanks
Can I buy 50/50 with friend. They live in the property and pay rent to me for my half?
I would want to finance my half as buy to let, they would want regular residential mortgage.
If this is not possible is there any way I can finance my half based on the rental income rather than me being able to prove I can afford to pay my half from salary etc.
Many thanks
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Comments
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That would require two separate mortgages each secured on 50% of the property - no lender would agree to that, they would require a mortgae to be secured on the entire property."You were only supposed to blow the bl**dy doors off!!"0
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No you can't.
You would take out one joint mortgage and that would be based on the occupation of the property. If it will be the residence of one of the applicants it will be a residential mortgage and subject to the usual residential affordability rules.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 -
Thanks for the replies0
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