Co Buy Mortgages

Due to the difficulties of getting on the property ladder. Many first time buyers are switching to joint or Co buying mortgages to be able to buy their first house.

Website such as Cobuywithme offer the opportunity for buyers to register and look for similar buyers to buy a joint property.

Joint mortgages are also being used by buy to let investors who want to share the risk of investing in property. Co buying also enables them to get a better property, thereby giving greater scope for capital growth.

Co buying can also benefit first time buyers, who team up with investors. Investors get the benefit of knowing who lives in the house and possibly local knowledge. First time buyers pay an additional rent to the investor. This becomes an easier way to get on the property ladder.

As with any joint financial decision, co buying mortgages are not without risk. Those who enter into them must be careful to check up on their potential partners. Any decision should be enshrined on a clear legal basis, in a Deed or Declaration of Trust.