Would there be a way of helping a friend with a mortgage?

Debbie9009

Hi,

A real life example of how this can go wrong, a friend leant another friend most of their savings so they could buy a house as the friend was unable to get a mortgage due to low salary.  Just a couple of months later the friend who made the loan was involved in a bad car accident leaving them unable to work, they only got SSP so started to really struggle financially.  

Just a few days later the friend the loan was made too came into an unexpected inheritance from an uncle who passed away, no one thought he had any money, turned out he had a lot and the friend was the sole beneficiary, the amount would have been enough to pay back the loan, and then some, he told the friend who had made the loan, the he was going to stick with the loan agreement as he wanted to go travelling with the money he had inherited.

The friend who made the loan was devastated, needless to say they are no longer friends.  The loan was paid back, but in the installments as per the loan agreement, with the friend who made the loan struggling the whole time, awful to witness, and prior to this they were very good friends, and the friend who gave the loan never thought anything like this would happen.

So I would think very carefully about doing this.

Sistergold

Dear OP, once you give her the money your friendship will no longer be the same. Once this friend was in love with her now ex husband so as you can see relationships do change. When a relationship changes and money is involved it becomes very messy. Even now your friendship will no longer be the same for saying you have money and now if you decide not to lend it to her. 

If she had no money for food or rent and you want to help then that might be good as you consider her a long time friend with this you should even be ready to lose the money but if it’s paid back then fine. Your friend is already blessed to come out  of a marriage with so much, you can not start adding to it. After a divorce it’s a time to make tough and practical decisions it’s not about insisting on staying in a particular house or particular area.