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That sounds like a horrible idea. A mortgage is a long term commitment and sharing it with a stranger who could decide to move out and force a sale or maybe even just decide not to pay would be very bad.
You should really only be doing this with someone you know that has long term plans aligned with yours.
Thank you for the advice, much appreciated 🙏
You could do shared ownership with less risk and similar equity. Your experience will be dependent on the housing association (mine is newlon) but i haven’t had any major issues.
Thanks I didn’t realise that the schemes could be combined, will look into
Tell me we’re living in a bubble without telling me we’re living in a bubble
?
Ah, this is the most weird thing I’ve heard. I wouldn’t buddy up with known people too. Why don’t you move outside city as the property value is more affordable?
You can do it in a limited company structure and sell the shares which is cleaner than a join personal mortgage which sounds like a nightmare. Granted this is not a solve all solution but it’s a better way to do it. I would never do a personal mortgage share with strangers because of the legal implications
This is fantastic idea, thank you!!!!
Are you asking for someone to lend you money and than take back more, or buying half of the property each one?
There are a lot of government schemes you could use.
Help to buy (valid only till next month), shared ownership, discounted housing.
Best to check with a mortgage advisor what your options are.
I am sure, you can at least buy a small property in a far off zone.
Thanks
In terms of location are you solely focused on London? Why not try commuter towns like Essex and Kent. I did that and I am getting more value for my money with no regrets. Also what type of property are you looking for? I believe there would always be property out there that meets your budget if you’re willing to compromise on location, property type, etc
@P1 some parts of Essex and Kent have straight trains to London which take 21 - 40 mins depending on location. So it depends on where you are in these towns or counties as you call it. Anyway to each his own. This person can’t afford London so thought to give alternatives.
I am tempted to say that what you have in mind would be an abuse of the Right to Buy scheme.
Also, I’m not even sure whether you could use the scheme by buy with someone else who is not (rightfully) residing in the property right now.
I would presume they would need to (1) be in your household and (2) be entitled, in conjunction with yourself, to receive a council flat.
🙄
I would recommend either moving to a commuter towns or doing a shared ownership or waiting a couple of years until you find your partner to buy with.