Property News in the UK

UK property news and links to various property websites. mortgage news, house price news, interesting properties for sale.

Monday, October 16, 2006

More mates sharing dreams of home

With house prices continuing to defy gravity, growing numbers of financially-stretched young professionals are clubbing together to join the home-owning classes.

Many seem to have taken the view that a toe on the property ladder is better than nothing, and we are now seeing the emergence of a new breed of home loan to cater for this need.

These so-called group mortgages - perhaps they should be dubbed "mates mortgages" or "This Life loans" after the cult BBC2 house-sharing show - typically allow up to four people to buy together, and take everyone's incomes into account when calculating how much they can borrow. They might be former university mates, a group of friends who work together, or siblings.

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