Joint mortgage application but only 1 owner

B

buzz55

Guest
Hi, its me again. Having thought things through a bit more since my earlier post, I am now considering asking my sister for some help with buying a house.
Is it possible for a mortgage provider to take both our salaries in to account (25k each) but mine would actually be the only name on the deeds?
I would make all the mortgage payments, and it would in effect be my house, but I just need my sister for 'borrowing power'.
Can this be done? If so, what sort of a mortgage would we get on above salaries? What effect could this have if my sister decided to go looking for a mortgage of her own within the next 2/3 years?

Thanks so much.
 
The banks might even look more favourably on your joint application with your sister. Afterall, if things go wrong, they can get most of the deby from you (eviction etc) and THEN persue your sister (separate salary, assets, house etc) if there's any remaining debt.

You should warn your sister about this (admittedly remote) risk.
 
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