First Time Buyers – Sharing a Property
In areas where property prices (and rents) are particularly high, an increasing number of people are joining forces with friends to purchase property instead of sharing the traditional rented house or flat.
This approach offers sharers the opportunity to get on to the property ladder, together, earlier than they would be able to individually and hence to share the benefits of any subsequent rise in property prices.
Sharing a Property – Mortgage Options
Many (but not all) financial institutions will offer mortgages for up to four people. However, they may not necessarily take all four incomes fully into account when calculating the size of the available loan. Consulting a mortgage broker might help you to identify the most suitable mortgage products for a shared purchase.