First time buyers are more so than ever opting for group mortgages in order to buy a house .
Current HSBC research highlights that 57% of would be first time buyers would consider buying with family or friends in order to meet the asking price of a first property .
Opting for a mortage with friends is most popular for Britons considering buying whilst living with parents. Nearly three quarters of us would consider buying jointly with even three other parties to get on to that property ladder .
Average house price is £200,000, six times the average salary. Yet , home ownership proves just as popular. Therefore first time buyers are considering a more lateral jump onto that ubiquitous property ladder.
HSBC data depcits that 93% of would be first time buyers consider affordability to be a problem, with home ownership an ambition for 80% of Britons.
Hence, the bank has witnessed a 50% increase in those buying with friends and families via a group mortgage .
A great way round the high house prices is of course to club together and buy together.
A good idea is of course to rent together for six months or so to see how it goes.
There follow some key facts regarding buying with friends
Upto four individuals can jointly own a property legally in England and Wales .
Whoever is named on the property deed should also legally, be on the mortgage deed.
With co-ownership, most individuals choose to be 'tenants in common'. This entails each individual having separate shares in the property. This of course ought to take into account what each individual is investing in the property, in terms of deposit as well as monthly mortgage payments .
Everyone who is on the mortgage deed is jointly liable to pay the whole mortgage so each co-owner should ensure they are adequately covered should they fall on hard times and be unable to meet their mortgage commitments.
|
||||||||
|
Buying property
Selling property Estate agent fees Free property guides Conveyancing services Mortgage services See all Property Guides
 My estateagents
|
First Time Buyers Club Together Thu, 21 Sep 2006
     Recommended linksFor First Time Buyer MortgagesFirst Time Buyers Spend Spend Spend Many First Time Buyers About to Lose Homes First Time Buyers Paying More For Mortgages First Time Buyer Sales Down |
|
||||||
Site Map |
About estateagents.co.uk |
Contact |
Terms & Conditions |
Links |
Press |
Estate Agents Login | 
© 1999-2009 estateagents.co.uk
© 1999-2009 estateagents.co.uk