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Tips For Purchasing A Home With Someone Else 0

 

Want to buy a home and get on the property ladder, then purchasing with someone else could be the way forward. Here is how to do it. 

 

Prior To Submitting Your Mortgage Application

 

It is easy to get caught up in the excitement of buying a home, focusing on what your new life will be like.  When you take out a mortgage, however, you are making a major financial commitment. It is extremely important to think about the overall impact of the loan - both on your life and on the life of anyone else who is buying the home with you.

 

Although most lenders have their own policies for dealing with mortgages that have more than one borrower, there are a few things that they usually have in common. In most cases, everyone whose name appears on the mortgage will need to meet the lending standards of the bank. If more than two people are applying for the loan, however, the bank will usually only consider the income of two of the applicants. That means that the bank will not only look at the credit score of each applicant but also their spending habits and outstanding debt. According to Guarantor.co.uk, if any single borrower defaults on the loan, the other borrowers will be responsible for paying it back.

 

How The Property Will Be Owned

 

When purchasing a property with someone else, a decision needs to be made in terms of how the property will be owned. The two most common options are to become joint tenants or to set it up as tenants in common. If you are a young person buying your first home, you may also be able to set your mortgage of as a joint mortgage, having your parents act as guarantors on the loan.

 

Owning The Property As Joint Tenants

 

Typically, this option is used by couples who are in a relationship or who are married. Both parties:

 

* Have the same property rights

* Have equal equity in the property

*Are granted full ownership of the property by default if the other owner dies

 

Owning The Property As Tenants In Common

 

This purchasing option is usually used by people who are buying a property with other family members or with their friends. Each party:

 

* Has the opportunity to own a different portion of the property

* Does not automatically assume ownership if any of the other tenants die

* Has the opportunity to designate who will receive their share of the property after their death through their will

 

When entering into a purchase agreement as tenants in common, a deed of trust will need to be set up by your lawyer.

 

Having A Family Member Act As A Guarantor

 

Another option for purchasing a property with someone else is to have a parent or a close member of your family act as a guarantor on the loan. By doing so, you could qualify for a bigger mortgage. You also may be able to get a better interest rate on your loan.

 

In essence, when someone signs on as a guarantor, they agree to pay back the mortgage if you fail to meet your monthly payment obligations. Not only do you need to be able to repay the loan on your own but the guarantor will also need to be able to show that they can take over the payments. They also need to prove that they understand the legal risks and ramifications of becoming a guarantor by showing that they have sought out legal advice.

 

Further down the road, if you find yourself in a better financial situation, you can always refinance your mortgage,  freeing your parent or family member from their duties as guarantor.

 

Getting Started

 

Once you fully understand the responsibilities that come along with taking out a mortgage, you can begin the process of applying for a loan. Try using our free calculators to determine how much you will have to pay each month. Once you decide how much you want to borrow, you can then submit an Agreement in Principle (AiP) to discover whether or not you qualify for the loan that you need. At that point, if everything looks good, we can provide you with a dedicated advisor who will walk you through the process of applying for a mortgage.

  • Aleksandr Krutov

Ubevidst skade på partneren 0

(Article in Danish.) For translation, use the Google translator.

Mange af de ubevidste ting, vi gør i parforholdet, sårer partneren. Grunden kan være, at det i første omgang ligger under bagatelgrænsen, men pludselig koger det voldsomt over. En vis procentdel af vores uhensigtsmæssige vaner og adfærd er vi bevidste om, men det er kun omkring en tiendedel af alt, hvad vi gør. Derfor kan konflikter eskalere, eller man står helt uforstående over for partnerens voldsomme reaktioner.

Jeg var eksempelvis til en fodboldkamp med min 14-årige bonussøn. Nogle af forældrene grinede og hujede. Men der var også nogle, der råbte: ”Løb fremad”, ”Tag bolden”, ”Det skal du bare ikke finde dig i”. På et tidspunkt gik jeg hen til en af værste, og sagde til ham: ”Hold op med at råbe på den måde.” Men han skældte mig ud, og blev ved med at råbe til sin søn. Han mente, at han på den måde ”vejledte” drengen. 


Da kampen var forbi, spurgte jeg min bonussøn, om hvad han syntes om, at folk stod og råbte. Han svarede: ”Jeg lukker af” 
Til træning er der ikke noget i vejen for, at fodbold-træneren råber og forklarer og giver gode råd. Men når der er fodboldkamp, skal man dér selv skal finde ud af det, og drage sine egne erfaringer. Det er vigtigt, at der er masser af plads til at dumme sig. Men for nogle mennesker er ”kampen” vigtigere end ”turneringen”.

I parforholdet bør ”turneringen”, altså livet, også være vigtigere end ”kampen”. Hvor vigtigt er det at få ret lige nu, hvis det på sigt skader parforholdet alvorligt? Nogle mennesker sætter hele deres liv over styr, fordi de er i deres følelsers vold. Det kan koste både helbred, parforhold, økonomi, børn osv. Hvis man vil sige min mening og gøre, hvad det passer en, kan det have store konsekvenser.

Så en uhensigtsmæssig adfærd behøver ikke betyde, at man forlader hinanden og slutter parforholdet. Ofte er det et spørgsmål om at lære de fælles ”færdselsregler” og følge dem, for at man kan få det til at fungere.

Vi kan uforvarende komme til at ignorere, såre eller krænke vores partner – uden at ville eller vide det. Kommunikationen mellem mennesker er yderst vigtig. Den skal være tydelig og det skal give mening. 

Det er først, hvis der kun er foragt mellem parterne, fra begge sider, at I alvorligt bør overveje at lade jer skille – ikke mindst for børnenes skyld.
Heldigvis kan færdighederne i langt de fleste tilfælde læres, så man kan få et godt parforhold og familieliv.

  • Aleksandr Krutov