26
Apr
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."