Considerations when co-buying a property

We all know how difficult it is to get on the property ladder these days. One increasingly popular solution for first-time buyers is to co-buy a property with friends.
In fact, a recent survey 1 found that 60% of millennials would take out a multiple person mortgage with friends.

Pause for thought
Buying a property is a huge commitment, so here are some factors you might want to consider before taking the plunge:

•  Try renting first to make sure you’re suited to sharing the same space
•  Make sure you understand the two ownership types (joint tenancy or tenancy in common) and choose the option that’s right for     you
• Consider drafting a cohabitation agreement, to avoid disagreements over who owns what assets.

Your home may be repossessed if you do not keep up repayments on your mortgage

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For more information or help with your mortgage please call us on 01483592743 or 07834173731 Alternatively please send us an email at info@themortgagechoice.co.uk

The Mortgage Choice is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.