Group mortgages 'growing in popularity'

12-Apr-2007

In news which may be of interest to prospective first time home buyers, group mortgages are becoming increasingly popular, an expert has claimed.

According to property developer St James Homes, despite a decline in the number of first time home buyer enquiries identified in recent data from the Royal Institution of Chartered Surveyors, the group purchase of a property is an increasingly attractive proposition.

Indeed, HSBC found that in 2006 the group mortgage market grew by 50 per cent.

"Group mortgages are very much of the moment," said Helen Adams, managing director of FirstRungNow, a property advice website.

"The obvious advantage is [that] the debt, deposit and stamp duty is spread between the purchasers," she added.

Group mortgages allows a maximum of four persons to collectively purchase property.

To find out more about buying a property with friends, family or to find a co-buyer, go to our joint ownership/equity section.

St James Homes was established in 1996.

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