Did you know that 46% of aspiring first-time buyers would consider buying a home with a friend or sibling to help them get onto the property ladder?1
Most people (62%) would ideally like to purchase a home with a partner; however, many have been forced to look at alternative options. The main reason for considering ‘non-traditional’ routes was improving affordability (60%), 56% said they trusted the person they would co-own with and 14% believed there was no other way for them to buy a home.
Whether you are purchasing a home with a friend, sibling or partner, there is a lot to consider. It is essential that you make a declaration of trust – a legal agreement between joint owners that clarifies each person’s share in the property. This is also strongly advised if a family member is contributing towards the deposit. We can help you think about your options – contact us for professional advice.
1Lloyds, 2024
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
