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Joint Purchases

The decision as to whether you can purchase the property yourself or with others is mainly based on finances.

Can you afford the repayments?

There is another decision to consider, and that is who shall I purchase the property with?

For some this is easy, as it is a partner, for others however the choice may be slightly more complicated

Careful consideration is required when buying a property with one or more partners.
That is not in any way to suggest that it should not be pursued, On the contrary we believe it is an excellent way to get a foot hold on the property ladder and avoid paying rent.

First step is to see how much you can borrow ,by yourself, with one other or indeed with two others.

Banks vary in their appetite for multiple borrowers. Review our lenders section to see the different views.

Today many first time buyers are starting off by borrowing jointly with their parents with a view over time to taking the mortgage and the property into their own name.

Banks facilitate this by having one name on the deed with the applicant and the parent names being on the mortgage document.

The banks will review the necessity for the parents name remaining on the mortgage as the primary applicants income circumstances change.

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Variable rate warning: The cost of your monthly repayments may increase - If you do not keep up your repayments you may lose your home. The payment rates on this housing loan may be adjusted by the lender from time to time.

Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it

Fixed rate warning: You may have to pay charges if you pay off your fixed-rate loan early

Interest only warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period

Debt consolidation warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term

Endowment loan warning: There is no guarantee that the proceeds of the [Insurance Policy / Pension Policy] will be sufficient to repay the loan in full when it becomes due for repayment