Having spent years paying over the odds in rent, I finally have enough in capital to buy a small flat, but would like to continue living with my flatmates. They don't have similar savings so I'd look at buying the house and renting it to them, hopefully at 'mates rates' to alleviate some of the burden on them too. To do this I'd be looking at buying a 4-bed house, however this would require me to take out a mortgage. I'm still in postgraduate education so my income is relatively low and I wouldn't get accepted for a mortgage on my own. Is there a way in which I could charge a far more expensive rent to my flatmates to improve my "income", but in return give them shares in the house to offset this extra monthly payment. I.e. Rather than paying £400 pcm each, they'd pay, say, £1000, but I'd give them the equivalent of, say, £650 in shares of the house every month. Could it be done through a business perhaps, giving them shares in a business (who's only asset would be the house)? Given that they are flatmates and not family, I'd naturally be looking for a completely watertight agreement that wouldn't leave me stuck with a mortgage I couldn't pay, or an overcomplicated agreement that would lead to arguments, with risks not far exceeding those inherently involved with owning a house. Ideally I'd want everything set in stone for a fixed term of a number of years. Is such a thing possible? Practical? I hope what I've written is easy enough to follow! Any guidance is appreciated.
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