Purchase for Friend's son

Posted on 25 February 2011 by Daren McNeill


Can I get a joint mortgage with a friend to buy a property for his son to live in? He owns his home outright and I rent my own place.

Daren,

Depending on both of your credit ratings and income it is perfectly feasible to obtain a mortgage for your friend's son to live in.

Before you enter into this agreement, I would recommend that you both take legal advice about how to structure the ownership so that it will be possible to extricate yourselves should your friendship fail at any point in the future. This website is littered with questions from people who have problems with joint owners who aren't paying their share of the mortgage or who won't sell when the other wants to.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date of your question, they will be able to look at your situation and advise you on your mortgage choices accordingly.

Peter

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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