Borrowing with friends becoming more popular

12-Apr-2005

First time buyers looking to get on the property ladder are becoming increasingly willing to club together with friends to get a foot on the property ladder.

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Joint ownership is becoming a more popular way for aspiring homeowners to get onto the property ladder in a market where few first time buyers can afford to acquire a home on their own.

According to Abbey's survey of first time buyers, just over a fifth of aspiring homeowners are interested in buying with friends and appear willing to get a joint mortgage to cover the inflated prices currently being see in the market.

Abbey's results also reveal that first time buyers are now so desperate to get onto the property ladder that they are willing to pay more than they were in January, despite the fact that property prices are meant to be falling.

While finding a deposit may appear to be a problem for those first time buyers who are paying more, it seems that the money is being found by entering into joint ownership agreements with friends or family.

Click here to find out about borrowing with friends

As an alternative to buying their own property, five per cent of those questioned by Abbey admitted that they would be willing to leave the traditional market behind and instead buy a caravan or houseboat, while as many as 23 per cent said they would consider buying a wreck as a cheap way of entering the market.

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