First-time buyers are opting for group mortgages in order to purchase a house .
Recent HSBC data shows that 57% of potential first time buyers would select to buy with family or friends in order to be able to afford meeting the asking price with regard to a first property .
Taking out a mortgage with friends is the most popular option for Brits considering buying whilst living with parents. Three quarters would consider buying jointly, even with two other parties in order to get a foot on to the property ladder .
The average house price is £200,000, six times the average salary, with home ownership being popular so first-time buyers are considering how to get their feet on to the property ladder in a more lateral way.
93% of would be first-time buyers consider affordability a problem, with home ownership being an ambition for 80% of Britons.
The bank has seen a 50% leap in the number of people buying with friends and families using a group mortgage .
HSBC suuggest renting for the first six months as it is a lot easier to walk away from a tenancy agreement than a mortgage .
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Group Mortgages Popular with First Time Buyers
Mon, 11 Sep 2006
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