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Steps forward
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Finding a potential co-buyer to invest with:
Your first step is to identify a suitable co-buying partner with whom you can invest to by your ideal property together. Be open and forthcoming
with information about you, your position to buy, your objectives as these are all key to enable you to find the right person that satisfies all your
requirements and be a compatible house mate. Developing trust is crucial for the relationship to work, so providing character references, proof of sound credit history and performing a criminal record check are wise steps to take. Take your time at this stage - think of the exercise as more of a 'business venture' and that it is a bonus if your personalities are
compatible as this is likely to increase the chances of developing a friendship and co-habiting with minimal problems. Take the time to view some
properties as this will give an indication about your requirements and what you are prepared to compromise on.
What property can we afford?
It would obviously be quite useful to know how much funds can be raised between the co-buyer's combined
salaries and deposits (if any are available). By visiting an independent mortgage broker or financial advisor is a good place to start to get advice
on what amount is available to you, repayment obligations and various other terms and conditions of the joint mortgage he need to be aware of. From here you can revisit the property market to see what type of property are available for the amount you can raise and get a better indication
that all items on your wish lists can be accommodated for, and if not what can be negotiated. One of the advantages of co-buying is that you have
double or more the time and energy resources available for looking at property to ensure the perfect home opportunity does not pass you by.
Making a Joint Mortgage Application:
This can be done easily once the difficult part of deciding on your new home by contacting an independent
mortgage broker or financial adviser who is likely to have a wider selection of joint mortgages to suit your needs than simply approaching several of
the high street banks.
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