Financial guidance
The best thing about Sharing Property is that you share the finance of it too, therefore it becomes affordable!
However, you still need to think about it; where is the money coming from to finance your share of the new purchase? If you are like most and it is an expensive purchase such as a house, you will probably only have enough for a deposit. Ideally all sharers will have an equal deposit to make things simple, but if not, it will just mean you have different size shares in the same property – solicitors can arrange this legally for you.
The most important thing to take into account is to be honest with yourself about the size of deposit you can afford and how much you can afford each month towards the repayments of the mortgage or loan. As co-buyers of a house, you would get a joint mortgage, but it's probably worth having a joint loan if needed for purchasing different type of property. Be realistic – you want to be able to enjoy and have time to use your new purchase, not be working every hour of the day in order to pay for it!
Organise a credit check on yourself through a reputable agency like Experian or Equifax, and ask your potential co-buyers to do the same. This shows that you are all in a good position to borrow money if needed.
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