Buying Property With Family And Friends
There are several situations that would call for a joint purchase of property.
Perhaps you and your family members are looking to buy a shared cottage or maybe you and your friend would both like to own property but are not quite capable of going it alone.
Whatever the reason, an experienced mortgage broker can talk you through home loan options that will suit your needs.
The most common method for this type of transaction is a tenants-in-common purchase - this allows two or more people to own interest in a property, in equal or unequal shares.
The advantages of such agreements are the shared initial purchasing costs - including the property price - as well as the shared ongoing costs such as loan repayments, maintenance and upkeep and property management fees.
You also maintain the ability to sell your stake or leave your share to whomever you choose.
Lenders may allow you to mortgage each share of the property independently, and other co-owners have no obligation to pay a mortgage that is not their own.
It is recommended that you speak to a mortgage broker who can navigate the various types of options for this kind of purchase.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.