First time home buyer news: Joint ownership helps first time buyers

19-Jun-2006

For many first time buyers, joint ownership is the key to getting on the first rung of the property ladder, according to research.

Furthermore, almost half (45 per cent) of people who are happy to ask relatives to lend them money would be comfortable to borrow for a mortgage deposit, figures indicate.

Those who cannot borrow with a partner cite parents as their first choice, with 47 per cent of people choosing them over siblings or friends, according to data from Chelsea Building Society.

A new creative mortgage from Chelsea offers a helping hand to first time buyers by using the income of a close family member to enhance borrowing capacity.

Andy Paddock mortgage product development manager, said: "Another favourable feature of our product is that we base the term on the child's age rather than the parents giving more flexibility and independence to the purchasers."

Separately, Bradford and Bingley has launched a professional mortgage aimed at first time buyers, having identified a gap in the market for first time buyer products.

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