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Joint Purchases Increase Number of First Time Buyers

Mon, 08 May 2006
Many parents are buying homes with their first time buyer offspring in order to help them onto the property ladder .

Normally they are a gift or an investment, say Linden Homes . They enable their children to buy a first home or get further up the property ladder.

When you joint buy, both child and parents are named on mortgage deeds, with the mortgage lender choosing the amount to offer on the applicants combined income .

Usually, such mortgages are worked out by subtracting parents own mortgage payments from their income and multiplying by 4, then adding the child’s salary .

Joint purchases of course necessitate a lot of commitment from both parties. They of course also are a great way form of property investment at same time as assisting their offpspring to buy their first home .
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