First time buyers turn to joint ownership

30-Nov-2005

Aspiring homeowners are returning to a 1980s style of borrowing and showing interest in joint ownership deals.

See what’s in our unique, comprehensive and detailed joint ownership guide

As present market conditions make it difficult for many potential property buyers to afford their first home, mortgage lenders are reporting an increased interest in deals which allow buyers to share the cost with others.

This increase in enquires has led to more mortgages being taken out by buyers and figures released by My Mortgages Direct indicate that the last three months has seen a 15 per cent rise in first time buyer interest.

Click here to find out about the finances of borrowing with friends, i.e. to find out how much you can borrow together and what it will cost you

Paul Hearnden, managing director of My Mortgage Direct, confirmed that more aspiring homeowners are choosing to go down the shared or joint ownership route and are benefiting from the number of deals available.

"Joint applicants, in particular, are finding themselves much better placed to secure an affordable property and mortgage to suit," he explained.

Joint ownership was particularly popular back in the 1980s when record house prices meant first time buyers had to pool their finances with friends or family in order to get on the property ladder.

Click here to see what properties are on the market in your area – whether you buy alone or with others

To learn more about joint ownership, buying with friends or family click here

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