We all know how difficult it is to get on the property ladder these days. One increasingly popular solution for first-time buyers is to co-buy a property with friends.
In fact, a recent survey found that 60% of millennials would take out a multiple person mortgage with friends.
Pause for thought
Buying a property is a huge commitment, so here are some factors you might want to consider before taking the plunge:
- Try renting first to make sure you're suited to sharing the same space
- Make sure you understand the two ownership types (joint tenancy or tenancy in common) and choose the option that's right for you
- Consider drafting a cohabitation agreement, to avoid disagreements over who owns what assets.
We can help you!
At Simmonds Mortgage Services we can give you the expert advice you need and help you with your mortgage or insurance needs. Get in touch today 01344 225 149 or 07979 690 056. Alternatively please send us an email at firstname.lastname@example.org
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.