CALL US NOW

WISHAW 01698 442797

MOTHERWELL01698 442897

in icon

Blog

Freelands Solicitors Blog

The latest news and legal updates from Freelands Solicitors.

First-Time Buyers Consider Joint Mortgages

New research from M&S Bank has found that buying with multiple friends or siblings is becoming an increasingly popular option for young, aspiring homeowners. Around 60% of those aged 18-35 said they would consider taking out a mortgage as a group to make home ownership a reality, compared to 26% of people aged over 36. 

According to the study, 20% of people aged 18-35 do not believe they will be ever be in a position to own their own home, with a mortgage for up to four being their only option to realise their property dreams. Saving for a deposit was stated as the main barrier, with the majority (59%) of 18-35 year olds having less than £1,000 saved up.

“Many young people are trapped in Generation Rent because house prices seem increasingly out of reach,” commented Paul Stokes, Head of Products, M&S Bank. "For many, home ownership appears possible only through sacrificing certain aspects of their current lifestyle – be that moving to a different area, moving to a smaller property than they’re renting, or seeing their disposable income take a significant hit.”

"But our research has shown that millennials are keen for an alternative option – and joint home ownership is one of them – from housemate to mortgage-mate is a natural progression which can enable more people to achieve the otherwise unattainable – their dream of property ownership," he added.

Contact Us

For expert legal advice on buying or selling property in Scotland then contact our specialist property and conveyancing lawyers today.

New Tax Relief for First-Time Buyers
Court of Justice Gives Ruling on Rights of Access