There's no limit to how many names you can put on the S&P. As to the bank loan - if it's taken under your name, the bank will come after you if there's a default in payment.

It's not worth getting urself into the problematic situation of WHAT IF esp on such a long term asset.. it's v troublesome....

--Added--
IF U think ur friend and U will end up having no problems then go ahead and get it but just beware of all the legality issues *g*

This post has been edited by tinkerbel: Jun 25 2007, 04:52 PM

@ashburn98,
Even if it's future spouse it can be troublesome - what if a separation happened before the wedding even took place?!

Worst.. what if a BAD SEPARATION happened?! *g*

This post has been edited by tinkerbel: Jun 25 2007, 05:21 PM

@yewkhuay,
You can put my name down on the S&P anytime - so as long as the house is paid.. I don't want to be left any financial burden !! KekekkeKEKekekek

@yewkhuay,
Eh U've gone off topic - want Moderator to kick u is it?!

Anyways, back to the question - it's not advisable to share and purchase a property.... MONEY is usually the root cause of ALL problems

@phonar,
There are other ways to 'save'. Also, U need to ask urself if ur ready to commit into such a long term loan - what happens when u decide to get married and ur friend too? Are u both gonna move in and share the home together with ur wife and built your own family there?!

Might as well rent the entire apartment, sublet the other rooms out to cover your own rental

There are other things to own such as unit trusts, etc etc.

@yewkhuay,
The difference is I don't have to share with a friend to come up with the $ to pay for the monthly installments!!! *doh*

@phonar,
I don't believe the banks will issue individual loans to you and your friends based on X% of ownership to the house. As long as you have your name on the papers, you're entitled a share to the house and primarily that share's equal - i haven't heard of :-

Name 1 : 50% share
Name 2 : 25% share
Name 3 : 25% share

These little details are usually resolved amongst yourself and not the bank.