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 (according to data)?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.
1Lloyds, 2024
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed.