28
Dec
Joint teams could get on property ladder
First-time buyers who are struggling to get on the property ladder
should consider the prospect of a joint mortgage, it has been
claimed.
Nationwide believe they can reduce the stress of a big financial
committment as well as being an affordable option in a market that
has limited opportunities for first-time buyers.
But a spokesperson for Nationwide warned that everyone named on the
mortgage is responsible for ensuring the amount is paid each
month.
"As with all mortgages it is important to ensure you can meet you
monthly payments and that you choose a competitive deal that meets
your needs - ie borrowers who prefer [the] stability of knowing
exactly what their payments will be each month may be better to opt
for a fixed-rate," she added.
Scottish Widows recently found that 44 per cent of graduates who
graduated in the last ten years are now on the property ladder and
three-quarters have joined up with a friend or a family member to
facilitate the move.
A total 69 per cent say they could not have afforded the mortgage
payments on their own.
