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Child Item

More than 2 people applying for a mortgage

Musicrules

I've tried googling and this seems possible but I can't find too much information on this.

So my daughter is looking to buy a house but can't at the moment as house prices are so high. A group of friends have said that they'd like to go in together to apply for a mortgage. There's 4 of them and from searching, it looks like the limit is 4.

Now, I'm not looking for advice on whether this would be a good idea or bad idea, I'd just like to know if anyone has any experience of this or knows how to get more information on it? I know most lenders won't allow more than 2 applicants but are there some that do?

If solid agreements are put in place, it could be an option for my daughter to get on the 'property ladder'.

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rowantree18

In fairness, some if these things CAN work out well. My parents had a house, I had to sell it in the crash. 2 siblings, youngish, bought and lived in it together, it sold a few years back for double, so each would have had a nice deposit for their own place, which I think was the eventual plan.

Rocket_GD

https://www.boards.ie/discussion/comment/123232529#Comment_123232529

There’s not 2 siblings here, there’s apparently 3 friends getting the mortgage together.

Buddy Bubs

https://www.boards.ie/discussion/comment/123232539#Comment_123232539

At what must surely be close to the top of the market. Interested to see house price growth this year, has to stagnate soon. It's nuts

rowantree18

https://www.boards.ie/discussion/comment/123232539#Comment_123232539

I know, and it may be disastrous, but I'm just saying, in a best case scenario they could all end up with a nice deposit. Yes, there's wanting to sell your portion, partners on the scene and 101 other potential issues, but it could work out. And the level of desperation out there is high. A 1 bed cost rental if you can get one is 1400e, even if the mortgage was 4k between 3, it'd be slightly cheaper..... As to whether they'll make anything on it in the end, depends on the market

Rocket_GD

https://www.boards.ie/discussion/comment/123232903#Comment_123232903

I'd say there's 1 in a million scenario where 3 friends taking a mortgage out together is going to go off without a hitch. People have stated plenty of reasons throughout the thread where the pit falls are.

Fortunately though this is a Walter Mitty scenario and our dear Walter has not come back to us.

Claw Hammer

https://www.boards.ie/discussion/comment/123232903#Comment_123232903

You will search high and low for a 1 bed in Dublin for €1400. If you do find one, it is because it is rent-capped and there will be a queue a mile long for it.

mrslancaster

https://www.boards.ie/discussion/comment/122849015#Comment_122849015

C’mon, tell. Congrats and good luck to your daughter and her friends on getting on the property ladder, but now that they have the keys, and you say there won’t be any problems down the line, what did they do? If it’s not just one house they bought together, what is it? Really curious.

RichardAnd

https://www.boards.ie/discussion/comment/123233598#Comment_123233598

You won't get any answer from him beyond the glib assurance that you're just not enough of a "smart cookie" to understand the scheme.

I've watched this thread for a while. If you ask me, it's the ravings of a mad-man.

rowantree18

https://www.boards.ie/discussion/comment/123233448#Comment_123233448

Yes, if you read my post, I said the colleague is in a cost-rental, there are several developments of them around Dublin now, you have to apply, be working etc. It's still a lot of one salary and you can't get a 2 bed and sublet if you're single.

Musicrules

An update for you all. Things are going swimmingly! My daughter and her friends are so happy. Sorry about that. 😝 Too be honest, I'm not sure why I should let you in on the stupendous plan. You don't really deserve it but there may be people in the same situation as my daughter reading this and I'd like to help them out. So I'll be posting the plan here soon. Toodles for now. 😁

Musicrules

https://www.boards.ie/discussion/comment/123236491#Comment_123236491

🤣 The anger is delightful. You're all raging the beautiful plan has worked to perfection. Well you know what? Stick it up ya!

I've told some of the nice people who pm'd me the plan. I'll let other nice people know about it here and the rest of you can stew in the resentment that you didn't produce a genius. 😁

Rocket_GD

https://www.boards.ie/discussion/comment/123236574#Comment_123236574

You'll only really know that it's worked out to perfection in 20/30 years when the mortgage is paid off and there's been no issues and everyone is still happy with the arrangement, whatever it is.

It's sounding like the conspiracy thread though, poster says that they know things that you wouldn't believe, ask them to tell you and they say that they can't for some strange reason. You've nothing to lose by proving your story, otherwise most people will continue to think that you're just waffling.

RichardAnd

https://www.boards.ie/discussion/comment/123236574#Comment_123236574

Look, I maintain that this is a p**s-take that's gone on too long. However, posts like this make it seem that this "plan" is something illegal that you think your progeny is smart enough to pull off.

There is really no "cheat" when it comes to buying a house. You either have the money, or have the finances to qualify for a loan.

Ray Palmer

https://www.boards.ie/discussion/comment/123236574#Comment_123236574

People laughing at you aren't angry. Hard to believe you are an adult let alone have adult children

Mellor

https://www.boards.ie/discussion/comment/123236574#Comment_123236574

Work to perfection? Doesn't the bank own the house.

Well, that's if it even exists. Doubtful at best. Is this daughter even real?

divillybit

If the OP really wanted to show us the property has been registered to the 3 tenant in common owners and the charge has been added he can provide the Folio number. For a fiver one of us could download a copy of the Folio and see for ourselves. He could PM me the Folio number and I'll pony up the fiver. It's a public record after all

halkar

Found it. No need for folio.

Q&A

Trying to figure out if this a Chat-fishing or shack-fishing thread

Mr Disco

tee hee up ya!

Rocket_GD

Think it's time for this to be merged with the "unsolved Irish mysteries" thread.

ledwithhedwith

It's mad that Trump finds time to post here.

Mr Disco

Stuck it up ya ??

Westport Covies

really looking forward to this.. any day now..

Mr Disco

https://www.boards.ie/discussion/comment/123464080#Comment_123464080

tee hee !

LastApacheInjun

Lads, this is a wind up. If you can't see that you shouldn't be posting on boards 😀 Hats off to you Musicrules, you got eight pages and a year of posts out of it!

Westport Covies

https://www.boards.ie/discussion/comment/123540098#Comment_123540098

nah.. the info is coming any day. We're just not smart enough to understand yet

Mellor

https://www.boards.ie/discussion/comment/123550117#Comment_123550117

Unfortunately it's not such a happy ending. Big bust up, nobody is speaking. Have some respect and let the thread die.

cr-07

Oh, I forgot to add in here that I got a reply from the OP via PM - this is the scheme:

"

So it's not easy to find but there are sites out there with more than one property on it. My daughter and her friends found land with 3 properties on it. The site itself is quite big so plenty of garden space or whatever. For the area they were looking in, if they tried to buy a place on their own, they'd be looking at about 400-500k. This purchase was about 800k. Combining their incomes and buying power has left them in a far greater position with much smaller mortgages etc. If any of them fall out, want to move elsewhere or any similar reasoning, they can just sell their property. This arrangement would work for 2 friends buying together also. There's some great value there on some properties, you just have to find it.

o1s1n

That's a terrible idea if true, you're all responsible for an 800k mortgage being paid rather than a 400-500k one.

If something went tits up with a couple of people's jobs (how statistically probable is it for everyone to keep their jobs for the full duration of the mortgage?) then the others would have to make up a massive shortfall in their monthly repayments. I could see that leading to arguments and fallout very quickly.

Deub

https://www.boards.ie/discussion/comment/123677521#Comment_123677521

Thanks for sharing. I expected something else tbf as the OP claimed it was genius and we were not smart enough to think about it ourselves. At the end it is what everyone thought.