Buying a second property with a friend

stepic

Hi all

I currently have a mortgage with my gf - we have recently remortaged and so can't remortage again until November. I would like to invest with a friend and buy a second property - one that he would live in, and we would rent out the other rooms. Is it possible for us to get a normal mortgage for this, due to the fact that he will be living there (i.e. it's not an investment for him), even though for me it would be an investment? Or do both people on the mortgage need to be living at the property? Basically, we would prefer not to get a BTL as we don't have 25% deposit etc - we would have between 5-10% deposit however between us.

If I could convert my current property into a BTL then it may have worked, but as I say I can't do this until at least November.

Any advice would be appreciated.

DigForVictory

Buying with a friend is potential dynamite.

You won't be on the deeds unless it's a joint mortgage & I'm not sure how that'll play with future financial arrangements with girlfriend.

Get to a solicitors pronto with a view to trying to draw up bombproof paperwork (with both friend & gf!) & if necessary be ready to look at setting up a limited company or even a trust so your finances are not personally knitted.

warehouse

Don't do it. Way too many horror stories on here about people who've lost lifelong friends as soon as money/borrowing/investments are concerned.

stepic

unfortunately in London it's almost necessary to buy with other people - in any case, that's besides the point - I'm more asking whether it's even possible to get a normal mortgage, given that I won't personally be living in the flat (not straight away, anyway).