Can anybody give me advice about how 4 friends go about getting a mortgage together

Question

we all work and have 3 kids between us

Answer 1

Dont get a mortgage....getting a mortgage for a property in the UK is useless. You might as well just spend the money on a holiday....which is a more fun way of loosing money.

Answer 2

YES DON'T DO IT! PERIOD IT WILL BE A NIGHTMARE FROM h**l!

Answer 3

I think a joint mortgage is as much as a company will allow therefore have to draw up a contract legally as you cant put four names on mortgage

Answer 4

Not likely, as it would be a glorious mess before long. The best way is to have one person buy it and sign agreements/contracts citing rights and responsibilities of all parties, including buy-out provisions.

Answer 5

Someone out of the 4 friends (can also be you) needs to SHOP around the local mortgage companies. Call them & have a credit check done on whomever is going to be the initial Signer of the documents. Once you receive a quote from the mortgage company write it down (don't settle) & keep looking. When you've found the right interest rate or mortgage company you'd like to settle with, all 4 of you girls need to go into the office to settle.

To start the process you've got to start looking.

Edit * -- Ignore the person above me. True friendship can endure & overcome anything.

Answer 6

Do what you have to to get buy but nothing breaks up friendship like business deals.

Answer 7

You can have all four names on the deeds, but although lenders allow up to four people on a mortgage, they only take into account the annual income of two people. You will have to chose the two with the highest income to make sure their salaries etc meet the income multipls use by the particular lender that you apply to.