FTBs warned against joint mortgages

first-time buyers (FTBs) should not get involved in complex joint ownership schemes.

That is according to the Cheshire Building Society, which is encouraging those struggling to get a foot on the property ladder to avoid joint ownership.

The lender has suggested that although many first-time buyers believe that living with mates would be fun, teaming up with a friend to seek out property for sale in London could be risky.

"Big Brother is a reminder to potential homebuyers that friends can easily become enemies when you move in together," James Taylor, mortgage product manager for Cheshire Building Society commented.

Cheshire Building Society's fixed-rate mortgage offers first-time buyers a rate of 6.8 per cent for the first three years, extending to a standard variable rate for the rest of the mortgage term.

This follows on from the government's HomeBuy scheme in which first-time buyers owning less that £60,000 can purchase part of a property with the remainder being paid by a housing association.

Published 7th July, 2008

© 2008 Estates IT Limited

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