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When it comes to setting foot on the property ladder, many people are finding it increasingly difficult to overcome initial challenges. The process of acquiring property is certainly intricate enough on its own; but when it comes to high interest rates and rising property prices, some simply lose hope of being able to take that [link widoczny dla zalogowanych] first step - unless, of course, they have someone to take it with.
More and more people are deciding to purchase property in partnership with friends. After all, there are various advantages in [link widoczny dla zalogowanych] doing so; and, according to research conducted by moneyfacts.co.uk, over 60 per cent of UK mortgage lenders will accept an application from up to four individuals. Moreover, with interest rates predicted to rise further and [link widoczny dla zalogowanych] house prices still increasing, it seems to make sense to partner up in buying property - especially if all the parties involved are first-time [link widoczny dla zalogowanych] buyers. But if you're considering plunging into the property market with friends, there are various facts to weigh into the equation first.
For instance, bringing more people into a single property-buying "unit" means that there's a greater [link widoczny dla zalogowanych] pool of income to rely on. After all, monthly repayments on a mortgage will be more affordable if they're [link widoczny dla zalogowanych] spread between various applicants. However, the property itself may still be out of reach: what many don't take into account is that more people involved in a property-buying transaction results in a lower likelihood of being able to borrow.
Julia Harris, mortgage analyst at Moneyfacts.co.uk explains that 70 per cent of lenders who accept applications from multiple people "still only [take] the highest two salaries into consideration" - [link widoczny dla zalogowanych] meaning that obtaining a big enough mortgage will [link widoczny dla zalogowanych] still likely be a problem. This is primarily because most mortgages are not designed for sharing among friends. While there are mortgages for terms as short as six months, the most competitive fixed or discounted rates [link widoczny dla zalogowanych] are for a minimum term of two years - a time span that a lot of people aren't willing to commit to unless its with a partner or spouse.
If you're contemplating partnering with a friend to purchase property, it's a good idea to get all the details from a . A broker can go through all the advantages and disadvantages of a joint property purchase, enabling you to ultimately make the best choice for all [link widoczny dla zalogowanych] parties involved.
So, while buying a home with friends might be an affordable alternative to securing a lonely [link widoczny dla zalogowanych] foot on [link widoczny dla zalogowanych] the property ladder, remember that it can also mean less stability on the climb up - so ensure you're aware of all the potential pitfalls before taking the plunge.
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is an online, freelance journalist.
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