Mortgage a viable option for students?

Broke_Student

Hi,
I do not know much about mortgages and so wanted the opinion of those more experienced.
My question - is a mortgage possible/sensible/justifiable in my situation?

The situation:
-Student in London who will be paying around up to £6k in rent every year for the next 5+ years.
-I have a group of close friends in exactly the same situation as me.
-I can therefore afford repayments of £6k per annum. I cannot get approved for a mortgage on my income but my friends parents can, and they will be willing to act as guarantors on my behalf.
- So 3 of use will be paying £18k in rent between us per year. We can afford repayments of £20k per year.

Could we not collaborate and share a mortgage for split equity of a property?
What size/type of mortgage could we get to equal £20k in repayment per year?

The long term plan would be to sell the property in 5 years. I understand I have not factored in buying/refurbishing costs but this is just an initial idea and I was after your thoughts.

Thanks.

dmg24

For a property in London big enough to fit you all in you will need to factor in Stamp Duty, so this will take out a big chunk of your first year's available money.

I don't know London prices, but it might be worth a quick look at RightMove to see what the cheapest three bed property is available for? Then you can have a look at what repayments would be on a mortgage.

I'm not sure that I would recommend buying a property as a short/ medium term investment in the current market, but then the market could surprise us all and you could make a fortune (unlikely, but you never know!). You also need to factor in the possibility that you may not be able to sell the property when you finish uni, should you wish to move away.