Joint mortgages beneficial for first time buyers

Published: December 31, 2007

Joint mortgages can offer an excellent option for first time buyers looking to move onto the property ladder, according to a leading mortgage provider.

The product represents a more affordable and less stressful choice for friends and couples who want to purchase their first property together, claimed a spokeswoman from the Nationwide.

However, potential homeowners taking out a joint mortgage should take into account the same considerations as any other borrowers, shopping around for the best deal available.

"Many lenders offer mortgages for friends who want to buy together, which can be a cheaper and less stressful way of getting started," the spokeswoman said.

"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," she added.

Joint mortgages are particularly popular among graduates, with figures published by Scottish Widows earlier this year revealing that 72 per cent of university leavers on the property ladder had pooled their resources with a friend or family member to take out a loan on a new home purchase.