First time buyers advised to look to new mortgage scheme

12-Sep-2007

A new way to get onto the housing ladder has opened up to first time buyers following housing developer Redrow's announcement that it is launching a new mortgage product aimed at those looking to buy a home with a friend.

Redrow has said that it has agreed a deal with Halifax that will see borrowers who sign up to the "Mortgaging with a Mate" scheme receive special rates.

As many as four Britons will be able to apply to take out a loan on the same property, the developer has advised.

"We are seeing more and more examples of friends and siblings joining forces to enable them to buy their first home," commented Redrow marketing director Simon Bennett.

"Just as young people have been used to renting shared properties for a long time, now it seems they're willing to buy together too.

"It makes sense on a lot of fronts: each party has less of a deposit to find, the responsibility of the mortgage and household bills is shared each month, and each owner is investing in their future and hopefully building up some equity, rather than paying out rent," Mr Bennett added.

First time buyers are now paying a record 3.39 times their income in order to take out a mortgage, the Council of Mortgage Lenders advised earlier this week.

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