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3 Residential Mortgages
Comments
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another reason why money and family/friends don't mix"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
If the families in those properties are paying rent/the Mortgage to your friend. There are lenders who may disregard the Mortgage repayments providing the rent is 100% (or more) of the mortgage repayments.
Your friend is in a very difficult position, if her friends stop paying rent, there is an argument that they can not be evicted - especially if they paid the deposit.
Your friend will need to be declaring this as an Income I suspect which now means she will be taxed on it and rent from 3 properties plus a job probably means 40% tax.
This is a massive mess and I would debate speaking to an accountant/tax advisor before buying a home of my own.I am a Mortgage AdviserYou 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.0
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