Buying First House

[ChrisD89]

Hello there guys,

Names Chris and live in Northern Ireland. Currently thinking of buying my first house.

I want to get advice on what my options are with regards to a mortgahe etc. I havnt applied for one before so not sure that I will be eligible just yet.

Ok so I have seen a house that is £65,000. Typical mortgage repayments are around £208 a month with deposit of £6500. Am I able to buy this house co-ownership amd would this benefit me more if possible or is there better ways etc..

Sorry If I sound completey dumb here but as I say this is my first time property hunting.

Thanks for looking.

 

[nmb]

You should be able to buy this co-ownership - the main benefit is that at least part of the other person's income would be taken into account when the mortgage company reviews your application.

 

[ChrisD89]

You should be able to buy this co-ownership - the main benefit is that at least part of the other person's income would be taken into account when the mortgage company reviews your application.

Thanks nmb. Tbh I think I could afford to pay the £208 a month to be the full owner of the house. Just waiting on the estste agents getting back to me, then they can credit check me etc.

 

[diyhelp]

If you are looking to invest in property going forward it may be beneficial to have a co-investor to take some of the financial strain and perhaps bounce ideas off each other? You would obviously need to share the profits so you would have to weigh up the pros and cons for yourself.

 

[Longterminvestor]

Whether or not you bring on another investor will depend on a number of things such as:-

What can they bring to the party? Finance/building skills?
Do you want to grow quickly?
Do you want 100% of a small portfolio or 50% of a large fast growing one?