Mortgage Minute: Can you purchase a property with friends?

In this mortgage minute we discuss buying a property with your friends. 

There are a few options you can consider when buying a property with friends or family. 

Most lenders are happy to consider friends purchasing a property together whether you all live there or not, however they all assesses these scenarios differently so it’s important that we identify the best loan structure and lender for YOU.

There are obvious advantages to buying with another person such as being able to pool money for a deposit, sharing the purchasing costs as well as ongoing costs like repayments, maintenance, rates and property management fees. 

But there are also risks, so it’s wise to get a property sharing agreement drafted by your solicitor to avoid things going pear-shaped. 

This agreement will outline any obstacles you may face such as who chooses tenants, property managers or what happens when one of you decides to sell.

Ultimately, owning property with someone you know can be a great step to your financial future and help get the property portfolio you want, sooner.

So give us a call today on 03 441 1307 or google Loan Market to book a free appointment and we can help you navigate the process easily.