Shared mortgage with a friend
Myself and a friend have been discussing a shared mortgage. Does anyone know of any site with sound info/advice?
He just finished university and has joined our work full time now. We are civil servants and earn �22,000 each. How would a shared mortgage work with both our salaries?
I 've heard good things about sharing a mortgage (Can be cheaper than renting, getting on the property ladder, shared expenses etc). Thing is I currently have a loan outstanding (worst thing Ive ever done). My monthly income is �1400, �350 of that goes on to the loan and then there's petrol/insurance for car, phone etc. After everything (including the �300 housekeeping I am currently paying anyway) I'm left with about �550 at the end of the month.
I checked my credit score a couple of months back and it was 99/100 which is great but I know it also takes into account affordability. Is there a good mortgage calculator that takes into account these figures.
I'd just like to know before going any firther only to discover we couldn't do it.
Thanks for any help