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Buying property with family and friends

It's becoming increasingly common to buy a property with family or friends. 

This type of property purchase is usually completed as a standard purchase by tenants, allowing two or more individuals, either in equal or unequal shares, to own an interest in a property.

Secure financing for joint buyouts

BuildME mortgage advisor, the Best Mortgage Brokers Auckland, are aware of where to place your application to obtain the right financing for your joint purchase tenants.

To discuss your home loan options, talk to our local mortgage advisor.

Tenants-in-common is a standard method for investors, those who are not in a stable relationship looking to break into the property market, and people who enter into second marriages or relationships with children from a previous relationship who want to protect their right to pass on the property to the person/s of their choice.

What are the benefits of making purchases with family or friends?

Purchasing benefits as tenants-in-common include:

  • Shared costs, including the price of the property and all buying expenses
  • Shared continuing costs, including repayments of loans, maintenance and maintenance costs, fees for property management, etc
  • Ability to sell or leave your share to anyone you choose, e.g.

How does home finance work in cases of shared purchase?

Lenders might allow you to mortgage each share of the property independently. Separate co-owners have no obligation to pay a mortgage that is just over the share of another owner’s property. We, at BuildME always ready to refinance home loan for your to help you.

For a more traditional joint tenant purchase, the types of home loans available to secure the purchase include the most used. However, some lenders may not authorize these types of mortgages, so before agreeing to any purchase, be sure to check your financing options with mortgage specialist.“

Should I sign an agreement to co-own it?

It’s wise to enroll in a co-ownership agreement to avoid any problems in the future.

The terms of the on-sale shares in the property, the proportion of ownership, and the liability for costs such as a mortgage, maintenance, and maintenance may be laid down in a co-ownership agreement. To ensure your legal rights are safeguarded, you should also consult a solicitor. 

You may be eligible for a hardship change from your lender 

if you are experiencing temporary difficulties in meeting your mortgage repayments.