4 Person Mortgage Question

A0812

Hi everyone,
My partner and I and two of our close friends are both currently selling our properties (ours is actually already sold) and are considering pooling together to purchase a large estate that contains a couple of stand-alone homes, as well as outbuildings that we could expand in to.  Enough distance so as not to get under each others feet or feel like we're living together, but close enough that we're neighbors and don't feel totally remote.

Neither couple would be able to finance the estate without the combined income of the other, but together we have a large deposit and combined income that should allow us to make it work financially.  We are all in good positions financially with little-to-no debt between us.

I've been reading up on mortgages for more than 2 people and it looks like when it comes to affordability checks, lenders may only consider the income of the highest two earners in the group, even though 4 people would be jointly responsible for the mortgage.  Is this generally the case / would we need to look at using a specialised lender for this more niche circumstance?

Any advice or insight appreciated.
Thanks

[Deleted User]

There are fairly normal lenders who will take all 4 incomes at full levels. 
Given the nature of the case and the complex property makeup I would highly recommend using a broker rather than trying to diy

[Deleted User]

Oh this is 100% a good open market broker case 
defo not one for DIY ( I am not a broker myself ) 

A0812

Thanks both.
We've got a viewing booked at an estate this coming weekend and if it ticks all of the boxes we'll definitely go down the open market broker route.  Certainly not going to go DIY with something like this

[Deleted User]

Id suggest you will have more issues with the multiple properties on a single title thing than you will with finding a lender using 4 incomes.  Quite a few of the latter but not many of the former.  

They would be concerned you would start to rent parts of the property out and it muddies the water between the different types of regulation so most just dont get involved. Had quite a few get declined last year as the lenders were concerned they would use the spare parts of the property for airbnb as an example

Make sure you get someone with access to Building Societies you have never heard of as its likely to be someone a bit more bespoke who you can do this with.   I doubt it will be one for the high street.  Most brokers should give you a list of lenders they use fairly early on in the process.