Flatsharing could be first step on road to shared mortgage

15-Jan-2010

With the cost of buying a home out of reach for many would-be first-time buyers (FTBs), a shared mortgage could be the answer.

But before taking the plunge and signing up to buy a home with a friend, member of the family or even a stranger in the same position, a spell of flatsharing could be best, in the opinion of one property expert.

Jonathan Moore, director of easyroommate.co.uk, suggests spending time getting to know the person who plans to pay the other half of the mortgage before committing to a shared mortgage with them.

Mr Moore believes flatsharing is the ideal way for FTBs to save for a deposit for their own property while acting as a trial run of what a shared mortgage would be like.

He says: "Not getting the chemistry right would be a financial and legal time-bomb, but flatsharing helps housemates see whether they are compatible for owning a home together."

More people could be turning to a shared mortgage because, according to the Times, a deposit of at least 20 per cent is required to secure a good deal on a mortgage alone.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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