28 Dec

Joint teams could get on property ladder

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.

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