Consider this scenario....
I own a half share in a property with a freind. The mortgage is in both names.
I want to buy another rental in my own name.
When assessing my borrowing capacity, the bank will look at the current joint loan as being soley mine, yet only count half the asset as being mine.
If I had a few of these jointly held rentals, I would have severly restricted my borrowing capacity.
How do I go about buying jointly held investment properties without restricting my borrowing capacity?
Any guidance would be greatly appreciated
Thanks
PHF
I own a half share in a property with a freind. The mortgage is in both names.
I want to buy another rental in my own name.
When assessing my borrowing capacity, the bank will look at the current joint loan as being soley mine, yet only count half the asset as being mine.
If I had a few of these jointly held rentals, I would have severly restricted my borrowing capacity.
How do I go about buying jointly held investment properties without restricting my borrowing capacity?
Any guidance would be greatly appreciated
Thanks
PHF