Morgage "sharing"

A question about : Morgage "sharing"

Hi Folks

Before I start, speak to me like an idiot, because I know very little about mortgages!!!!

Ive heard several mortgage companies are offering special offers for friends etc sharing mortgages.

What are the down sides to this? How difficult is it to legally make sure everythings safe and sound?

Thanks!! xx

Best answers:

• Here's a previous, if brief, MSE thread on "friends mortgages"
  Can you imagine one of these with Joey?
  The major problem has got to be that friends don't have the same commitment as partners and are likely to drift apart for either career or personal reasons.
  I wouldn't want to do it personally unless I felt pretty confident that friends' jobs were going to tie them to a particular area for some years (and that they had reasonably secure jobs).
  Maybe London is the best place for it to work? As well as being where the pressure on first time buyers may be at its greatest.
• Mortgage solutions
  Britannia's share to buy mortgage
  Up to 4 graduate professionals who can borrow up to 3X combined salaries.
  And Britannia provides the essential legal package.