5 Jul

'Mates mortgages' ideal for houses for sale in Birmingham?

'Mates mortgages' ideal for houses for sale in Birmingham?

Housing minister Grant Shapps is calling for lenders to develop "mates mortgages" to allow groups of first-time buyers to join together to get onto the property ladder.

Under the deals, groups of friends could chip in towards houses for sale in Birmingham, removing the obstacle of a large, individual deposit.

Recent research by the Department for Communities and Local Government shows that 86 per cent of people want to buy their own home.

Mr Shapps proposes that "mates mortgages" could become a viable alternative to years of saving or relying on parental help.

"If there are mates who are perfectly capable of paying monthly mortgage payments but are struggling to fund a deposit on their own, there should be straightforward options to unite with their friends," he explained.

Property for sale in Birmingham could also prove a worthwhile investment for entrepreneurs looking to launch a new venture.

Last month the city hosted the Local Government Association Conference, where Nick Clegg announced that business rates would be decided at a local level to boost business growth across the UK.ADNFCR-1222-ID-800612231-ADNFCR

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