Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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If the rate on 95% LTV is worse than 80%, I can only imagine that 125 LTV will be absolutely daft money.
You need to look like you have more equity to do a good deal, not tell you them you have less!
Not sure on the legalities of it and you might need to run it by your mortgage company but my initial feelings are that a bank loan in which you friend pays the monthlies would put you in this position.
You also have to decide whether you want to go halves and share the appreciatioin of the property or you buy, he rents and you get the house price increase but also fix whatever breaks.
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Matt H
Member
Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
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It's definately a half & half deal on the house, it's an easier way of getting onto the property ladder for us both
Obviously I'd prefer it if it weren't like that but I could always have a go at blagging my way around it. Might even be a case of having to do it due to credit scores (Mine is better than his, he foolishly decided to not pay his mobile contract over an argument & the bill just kept getting bigger & bigger as the months went on. Where as mine is quite good as I don't miss payments)
As you said you need to look like I have more equity rather than less, but they'd surely question me about the loan payments (plus it would come up in the credit check). Plus paying a mortgage & a loan might be a bit too much, taking into consideration bills, food, council tax, car running costs etc
Any other way around it?
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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The solution to the loan not appearing in your credit check for a house which you are buying is that your friend takes out the loan. Its difficult tbh, particularly as he may not get it based on what you said about his phone bill.
Next step is probably to apply for something and see what comes out on paper. Will give you a benchmark to decide where you need to improve your status if nothing else.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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I thought you'd bought a house & were doing it up anyway 
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1_Litre_Porsche_Beater
Member
Registered: 9th Apr 02
Location: Kent
User status: Offline
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Cant believe what you get for your money up there, i paid 170k for a 2 bed masonette with garage 
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