Buying with friends/family

P

Pokerface

Guest
Hi all
I currenttly earn 25k a year, have approx 3.5K saved and have debts totalling 8.5K. I rent a house with 3 of my closest friends and have done for just over 2 years. The rent is € 1200 per month for 4 bedroom in Wexford. The landlord is getting on a bit and has deceided to sell and has given us first refusal. After some quick research a €350K mortgage over 30 years @ 3.5% works out about € 1600 per month which seems acheiveable for the four of us. Besides personal reasons what are the pitfalls - or is it even possible to do this?? Any help on who to talk to or advice is greatly needed!!!
 
Yes, you can have four people on a mortgage but the amount you will qualify for will depend on your incomes and committed outgoings. You would also need to have an exit mechanism hammered out for when one (or more) want to move on. Given the amount of grief that can occur when two people decide to go their seperate ways a foursome could be far worse......

Sarah

www.rea.ie
 
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