27 Dec

Joint mortgages 'less stressful'

Joint mortgages 'less stressful'

Joint mortgages can help first-time buyers looking to get onto the property ladder, it has been claimed.

Recent statistics from Scottish Widows reveal that 44 per cent of graduates who graduated in the last ten years are on the property ladder and 72 per cent have pooled their resources with a friend or family member.

According to Nationwide, a joint mortgage represents a "less stressful" way of getting started.

But borrowers should make sure they are entering the mortgage with a responsible person, as both people must meet their payments every month.

A spokesperson said: "Everyone named on the mortgage is responsible for ensuring the mortgage gets paid, regardless of whether this is split between a number of people. Nationwide does not offer and protection aimed at joint mortgage holders."

The figures from Scottish Widows also indicate that 69 per cent of borrowers would not be able to manage a mortgage on their own.

"A joint mortgage is just one of a number of options for first-time buyers who are struggling to get on the housing market," the spokesperson added.

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