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Club Together For First Mortgage

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Club Together For First Mortgage

There has been a cry out for lenders to offer “mates mortgages” to encourage more first-time buyers to enter the property market.

If you don’t have the luxury of being able to borrow from family this could be your best bet to escape the property rental world. These joint mortgages could be a smart way to secure a mortgage at a time when bank and building society lending conditions continues to be strict.

"Buying with friends or family can be a way of lowering the amount of deposit you need and sharing mortgage and running costs." says Helen Adams from Firstrungnow.com. "In some areas it may enable buyers even to leap-frog the first rung of the ladder to a larger property – but not in many. Another advantage is you have an in-built social life. In many case friends have rented together before – so why not purchase together?"

There were further comments from London and Country, with similar statements.

"It won't make any difference on the status of the borrowers whether they are siblings or just friends, just as there is no difference between assessment of married or unmarried couples," says David Hollingworth of the mortgage broker London & Country. "What it does highlight, though, is that the commitment is the same for all and the friends will be jointly and severally liable."

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