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Homebuyers 'pooling resources'
Fri 23 Nov 2007 3pm
An increasing number of people are clubbing together with a friend or partner to get on to the property ladder, new research has indicated.The latest graduate first-time buyer survey from Scottish Widows states that 72 per cent of this year's graduate homebuyers obtained a mortgage by pooling their resources with another person - a three per cent increase on last year.
However, the bank advised people to consider their options carefully before buying a home with somebody else, as 69 per cent of joint mortgage holders admitted that they could not afford to buy the other person out should something go wrong.
Amanda Docherty, communications manager at Scottish Widows, stated: "This is not an arrangement that people should rush into.
"Nobody wants to end up in a situation where they find it extremely difficult to share a home with someone they no longer get on with, but can't afford to do anything about it."
The Council of Mortgage Lenders recently forecast a "testing time" for the property market over the next few months, with mortgages becoming more expensive as providers tighten their borrowing conditions.
