- Lowest number of Mortgage Approvals since records began.
- In a breaking report from the Bank of England only 64,000 mortgages were approved last month.
- Tue 29th Apr 2008
- Are the Banks getting greedy?
- In a test case in the High Court today, 8 UK Banks may be deemed to have be charging their customers unfairly.
- Thu 24th Apr 2008
- Comparison websites under the hot spotlight.
- The centre for competition policy has produced a report saying independent checks need to be made of comparison websites.
- Sat 12th Apr 2008
Warning issued over joint mortgages
Wed 19 Dec 2007 4pm
A mortgage adviser has warned prospective homeowners that entering into a co-buying scheme to get on to the property ladder is "extremely risky".Peter O'Donovan, mortgage manager at independent financial advice firm Bestinvest, said that buyers should think carefully before proceeding with a joint mortgage, as personal circumstances and relationships can easily change.
He advised people to be sure of the other person's credit record before taking out a joint mortgage, but maintained that such an arrangement always contains an element of risk, even between good friends.
"There is always a possibility that people will fall out, or that someone's circumstances change before the other," Mr O'Donovan explained.
He also advised those considering a joint property purchase to "be totally clear as to the obligation you have entered in to".
According to a recent survey from Scottish Widows, 63 per cent of house purchases made by graduates involve some kind of joint buying arrangement with a partner.
