All_Night_Long
Registered User
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Hello all,
I have made contact with a few mortgage brokers but would like some additional points of view if anyone would like to chime in. I would like to buy property with my two siblings, so the mortgage and property is in all 3 names (property held as tenancy in common).
Between us we have 40k of a deposit. One of us is earning 50k per year (and has been employed for 9 years continuously). The other has been employed at 50k per year for 5 years straight but is now going to enter a masters program in Europe. The third has returned from earning 50k per year in USA and is currently unemployed. We are all FTB and aim to purchase a house, renting out 2/3 bedrooms to cover rent. We all have proof of savings, proof of rent paying and zero negative credit incidents.
1. I assume lenders would calculate capacity to pay back solely on the earning power of the sibling currently employed. Yes?
2. Is having two additional non-earners on a mortgage positive/negative/neutral?
3. Is it smarter to have one person on the deeds and all three people on the mortgage so that only one person loses their FTB stamp duty relief eligibility?
4. Is a mortgage of 200k achievable? Why/why not?
Let me say- there will be a joint ownership agreement in place which will set out what will happen to income generated, expenses, exit, mortgage drawdowns, mortgage prepayments etc.
Thanks for any thoughts you share & have a great day!
I have made contact with a few mortgage brokers but would like some additional points of view if anyone would like to chime in. I would like to buy property with my two siblings, so the mortgage and property is in all 3 names (property held as tenancy in common).
Between us we have 40k of a deposit. One of us is earning 50k per year (and has been employed for 9 years continuously). The other has been employed at 50k per year for 5 years straight but is now going to enter a masters program in Europe. The third has returned from earning 50k per year in USA and is currently unemployed. We are all FTB and aim to purchase a house, renting out 2/3 bedrooms to cover rent. We all have proof of savings, proof of rent paying and zero negative credit incidents.
1. I assume lenders would calculate capacity to pay back solely on the earning power of the sibling currently employed. Yes?
2. Is having two additional non-earners on a mortgage positive/negative/neutral?
3. Is it smarter to have one person on the deeds and all three people on the mortgage so that only one person loses their FTB stamp duty relief eligibility?
4. Is a mortgage of 200k achievable? Why/why not?
Let me say- there will be a joint ownership agreement in place which will set out what will happen to income generated, expenses, exit, mortgage drawdowns, mortgage prepayments etc.
Thanks for any thoughts you share & have a great day!