Considerations when co-buying a property


Considerations when co-buying a property

We all know how difficult it is to get on the property ladder these days. One increasingly popular solution for first-time buyers is to co-buy a property with friends.
In fact, a recent survey 1 found that 60% of millennials would take out a multiple person mortgage with friends.

Pause for thought
Buying a property is a huge commitment, so here are some factors you might want to consider before taking the plunge:

  •  Try renting first to make sure you’re suited to sharing the same space
  •  Make sure you understand the two ownership types (joint tenancy or tenancy in common) and choose the option that’s right for     you
  • Consider drafting a cohabitation agreement, to avoid disagreements over who owns what assets.
Your home may be repossessed if you do not keep up repayments on your mortgage

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