joint house building

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onway

Guest

• 18 Feb 2005

• #1

My husband and a friend are intending to build a house together for sale.Each has their own mortgage on their own family home so what should they do re mortgage for new build - can they get a joint mortgage or should they get separate mortgages for half the amount?

 

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Vanilla

Guest

• 18 Feb 2005

• #2

They will be looking at one joint mortgage. You will already have seen discussions on this site in relation to the importance of putting an agreement in place where friends buy together as to future dealings with the property.

 

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onway

Guest

• 19 Feb 2005

• #3

What about re-mortgaging own home and using extra to build new house - is that an option?

 

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Vanilla

Guest

• 21 Feb 2005

• #4

I'm sorry, I didnt see your question before. I'm not sure why you would want to do that- that would mean you'd be putting your family home at risk for an investment. Plus your family home would then be subject to a larger mortgage while the investment property which presumably wouldnt even be in your name would be free of debt.

 

O

onway

Guest

• 23 Feb 2005

• #5

As they are both self-employed - would there be a problem with them getting another mortgage??Income can be erratic in the building trade!!!!

 

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Vanilla

Guest

• 24 Feb 2005

• #6

Sorry, dont know- maybe one of the other contributors may help.