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Sharing a Mortgage to Get on Property Ladder

Does anyone have any experience of pooling deposits and sharing a mortgage with someone (not a partner)? What is the best way to go about it?

Asked on Jun 7 2014, Home Finance in Leeds | Report content

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  • I would just buy on my own. Look for cheaper places maybe?

    Answered on Jun 17 2014, Report content
  • As a first port-of-call, get a decent property solicitor on board. Nothing breaks up friendships like bad deals gone wrong. Protect yourself, and your friendships. The government run a shared ownership scheme, which isn't what you are describing, but it may be of interest to you. It offers people the opportunity to buy a share in a property and continue to pay rent on the bit they don't own. Over time they can increase their share in the property, until they own the whole of it (mortgaged though, of course). This may be a way of getting on the housing ladder, without disrupting your friendships because it's an arrangement that does not include your friends! The government website has full details, and I've linked to the right page for you below. Hope it's helpful!

    Web reference: http://www.gov.uk/affordable-home-ownership-schemes/share...

    Answered on Jul 30 2014, Report content

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