'Joint mortgages carry risks'

Entering into a joint mortgage could lead to problems in the future, according to one mortgage expert.

Peter O''Donovan, mortgage manager at Bestinvest, said that joint mortgages can be risky if two friends choose to purchase a property "for the sake of getting a house rather than renting".

There is always a chance that one person''s circumstances may change or that they will "fall out", Mr O''Donovan suggested.

However, entering into such an agreement with a stranger via a co-buying website is "extremely risky", he claimed.

"If you don''t know the person you are buying with you could find yourself in all sorts of problems," Mr O''Donovan commented.

Given the risks involved, the expert advised people to ensure they are "totally clear" about such an undertaking.

A recent survey conducted by Scottish Widows found that joint mortgages are becoming increasingly popular among graduates, although a significant number admitted they were not in a position to buy out their partner.

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