A different deal?
My name is Stephen.
I am a beardy, lefty musician with dual fandoms of The Beatles and Doctor Who.
I’m offering a room in my new London home for just a few quid a month!
I’ve not bought it yet.
I’ve owned my home, a leasehold flat in North London for seventeen years, but unfortunately I’m being forced to leave because of noise and the awful, terrible landlord.
For reasons which I will gladly go into in more detail, I am not going to sell my current home, but planned to buy another property without selling up.
Then Covid happened, and as a musician I didn’t get a single penny from furlough and this has meant the amount companies are willing to lend me is less than before.
I’m very solvent and can still easily get a mortgage of £450k without selling anything, but I’ve been in the area for almost twenty five years now and if I want to stay in the area, and I would prefer to, the kind of places I have been interested in are around the £500k - £550k mark.
If I apply for a mortgage with someone else, I could get that little bit extra on the mortgage that I need to find a really nice place and not worry about having to leave the area.
I'm thinking.... can I pass some of my solvency on, maybe help someone out as well as finding somewhere great to share?
So….. I’m looking to find someone who will add their name to my mortgage application in return for an almost-free London flatshare.
You can get the London flat you need for no financial outlay, and I could stay in the area where I’ve built a life and we can blow a raspberry in the face of Covid and London rental prices!
I’m not asking for any money.
I would cover ALL mortgage payments and costs.
You would have an almost-free place to stay in London.
After a couple of years, I would renew the mortgage, taking your name off.
Before doing anything, we would get a solicitor’s agreement (paid for by me) which we would both sign to ensure I never asked you for a penny towards the mortgage and that you can’t make any claim on owning the flat etc.
Of course a lot will come down to trust for both of us.
I’m an open book and am happy to answer any and all questions.
I have rented a room in my current home since 2004.
I am still in touch with almost all of the people who have lived here with me in the past and they will all vouch for me.
My last lodger was with me for seven years.
She would also give me a reference and will also gladly chat to anyone to reassure them of my dedication to fairness and honesty.
I have Asperger’s.
It’s only mild, but it makes me very direct and honest and it also means I’ve given all this an inordinate amount of thought.....
If you didn’t want to live in the place I chose, or if we didn’t work out as housemates for some reason, I’d pay you a few hundred pounds per month towards renting somewhere else for the period your name was on the mortgage.
It’s completely legal.
In other countries there are websites for strangers to buddy-up on mortgages.
It’s never taken off over here, perhaps due to the high property prices, but I’m not asking for any financial commitment anyway.
It is absolutely risk-free.
There is no way in the world that I could have any trouble at all with mortgage repayments, but even if the impossible happened and I did, I would sell my current home and pay everything off in one go. You could never be liable for any payment whatsoever.
Your credit rating will be helped by being on the mortgage, even though you wouldn’t be paying anything towards it.
The deal I’m offering may not be suitable if you have never taken out a mortgage before, as I imagine it would prevent you applying for any government ‘first time buyer’ discounts in future.
If I get another name on the mortgage application and have a mortgage agreed in principle, I have to look for a property. Obviously I can’t say how long that will take, so the deal may not suit if you are looking for a place to live and have a specific move date.
I have always lived with women (except when I have helped out very close male friends that needed a place to stay).
I prefer to live with women. My Asperger’s doesn’t cope well with all that alpha male crap, so I’m sorry, but I wouldn’t consider blokes who wanted to share my home with me.
The postcode and photos are of my current home which is an old 1950s building. I like to live somewhere with a view.
If you are considering this, you are bound to have questions.
Please do get in touch with me and I’ll be very happy to discuss anything and everything.