Shared mortgage 'is one answer for couples wasting £5bn'

15-Apr-2010

The merits of taking out a shared mortgage may have been illustrated by new research, which shows £5 billion is thrown away each year by couples who live apart.

According to Santander, there are a million people in the UK in long-term relationships currently residing in different locations.

Despite typically spending three nights a week together, these couples are throwing away an average of £1,000 each.

Commenting on the findings, Moneynet.co.uk's Andrew Hagger says: "It certainly makes sense just to live together. That allows you to put that money into savings and then build up your deposit to buy your house sooner."

People who take such a route are likely to secure a shared mortgage and take up joint ownership of any new home.

Of the country's couples who live apart, ten per cent both rent accommodation, five per cent are both property owners and eight per cent feature a partner in each category.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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