26 Apr

Joint ownership could help FTBs

Joint ownership could help FTBs

The prohibitive cost of a mortgage is one of the reasons many first-time buyers cannot afford to purchase their first piece of property, with deposits, according to Firstrung, now sitting typically at around 25 per cent of the house value.

However, the National Association of Estate Agents (NAEA) has said that first timers also have the option to buy with someone else to help spread the cost through joint ownership.

The association gave tips on how to best go about purchasing with friends or family in order to help spread the cost of a home, including keeping all paperwork up to date, always envisaging the worst possible scenario, and making sure to get the most cost effective mortgage.

Wendy Evans-Scott, president of the NAEA, said: "Splitting the cost of a substantial deposit, maintenance and mortgage repayments could make owning a home a more realistic aim for many would-be first time buyers."ADNFCR-1222-ID-801350610-ADNFCR

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