Shared mortgage with a friend

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Didgey | 22:27 Sun 24th Feb 2008 | Share Dealing
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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


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