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by hnick
2666 days ago
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I looked into this a few years ago (in Australia) and the issue was that we were all individually liable. If all the 'friends' turn into deadbeats, become long-term unemployed, or die - you pay 100% yourself or lapse on the mortgage and get the blame. I could be remembering incorrectly here, but from memory this meant that in effect a mortgage would not be approved if each individual could not pay 100% alone. This limits the benefit of such an arrangement from "can't afford" to "prefer not to pay it all by myself". |
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