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    • firsttimequandry
    • By firsttimequandry 10th Aug 18, 2:50 PM
    • 3Posts
    • 0Thanks
    firsttimequandry
    Can't get a mortgage for our circumstances!
    • #1
    • 10th Aug 18, 2:50 PM
    Can't get a mortgage for our circumstances! 10th Aug 18 at 2:50 PM
    I'm a first-time buyer and very new to the process but I'm in an unusual situation that all the lenders I've spoken to aren't happy to loan on...

    I'm buying with a friend, we have a deposit and my friend wants to live in the property we buy but I do not - I want to rent out my half and continue renting where I'm living now.

    Why is this so hard to get a deal on?

    HSBC said they'd consider us if we bought a three bedroom as we'd only be technically renting out a 'spare' room.

    Help!

    Extra info: we're in London, looking at around 325,000 and have about 15% of that as a deposit. Both work full time and combined salary is 80k+
Page 1
    • Comms69
    • By Comms69 10th Aug 18, 2:52 PM
    • 5,848 Posts
    • 6,086 Thanks
    Comms69
    • #2
    • 10th Aug 18, 2:52 PM
    • #2
    • 10th Aug 18, 2:52 PM
    Because you're asking to mix a residential and non residential property, paid for by a residential mortgage.


    In addition you seem to want to be a landlord for some reason...
    • firsttimequandry
    • By firsttimequandry 10th Aug 18, 2:55 PM
    • 3 Posts
    • 0 Thanks
    firsttimequandry
    • #3
    • 10th Aug 18, 2:55 PM
    • #3
    • 10th Aug 18, 2:55 PM
    True - I live with my partner but my friend is single. I don't want to make profit from a tenant just cover (or mostly cover) my mortgage. I just didn't realise it would be this unusual
    • marliepanda
    • By marliepanda 10th Aug 18, 2:56 PM
    • 6,896 Posts
    • 15,037 Thanks
    marliepanda
    • #4
    • 10th Aug 18, 2:56 PM
    • #4
    • 10th Aug 18, 2:56 PM
    True - I live with my partner but my friend is single. I don't want to make profit from a tenant just cover (or mostly cover) my mortgage. I just didn't realise it would be this unusual
    Originally posted by firsttimequandry
    By covering your mortgage you are gaining an asset which is a a profit.
    • Comms69
    • By Comms69 10th Aug 18, 2:58 PM
    • 5,848 Posts
    • 6,086 Thanks
    Comms69
    • #5
    • 10th Aug 18, 2:58 PM
    • #5
    • 10th Aug 18, 2:58 PM
    True - I live with my partner but my friend is single. I don't want to make profit from a tenant just cover (or mostly cover) my mortgage. I just didn't realise it would be this unusual
    Originally posted by firsttimequandry
    I don't know if you'll make a profit or not, but the tax man will
    • firsttimequandry
    • By firsttimequandry 10th Aug 18, 3:03 PM
    • 3 Posts
    • 0 Thanks
    firsttimequandry
    • #6
    • 10th Aug 18, 3:03 PM
    • #6
    • 10th Aug 18, 3:03 PM
    By covering your mortgage you are gaining an asset which is a a profit.
    Originally posted by marliepanda
    yes exactly! Sorry bad phrasing from me, what I meant was I wasn't intending to charge (London) market rates to a tenant.

    I think we might just give it up as a bad idea as there doesn't seem to be a workaround
    • sal_III
    • By sal_III 10th Aug 18, 4:01 PM
    • 670 Posts
    • 681 Thanks
    sal_III
    • #7
    • 10th Aug 18, 4:01 PM
    • #7
    • 10th Aug 18, 4:01 PM
    yes exactly! Sorry bad phrasing from me, what I meant was I wasn't intending to charge (London) market rates to a tenant.

    I think we might just give it up as a bad idea as there doesn't seem to be a workaround
    Originally posted by firsttimequandry
    Buying a property with a friend is always a bad idea, no matter the circumstances.
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