Joint mortgages 'could help' people onto property ladder

People desperate to become homeowners could benefit from taking out a joint mortgage with friends, according to one industry observer.

A Nationwide spokesperson said there are a number of options available to potential first-time buyers who want to take their first step onto the property ladder.

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

The spokesperson added that it might not take a lot of getting used to sharing with friends as many young buyers will have recently done so in student accommodation.

According to Scottish Widows statistics, 44 per cent of those who graduated in the last ten years now own a property.

Of this group, nearly three-quarters managed to buy their first home through a joint mortgage, according to the lender.

Scottish Widows figures also show that last year saw a rise of 69 per cent in the take-up of joint mortgages.

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