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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.
