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Joint mortgages offer a helping hand
28/12/2007
Solicitors in Northern Ireland could see more people splitting their mortgage between two or more parties, as experts say this may be the only way for first-time buyers to get onto the property ladder.
According to Nationwide building society, a joint mortgage could be cheaper for first-time buyers, meaning that solicitors in Belfast could see more new buyers taking up joint deals, as prices remain out of reach in the city.
A spokesperson for Nationwide, said: "A joint mortgage is just one of a number of options for first-time buyers who are struggling to get on the housing market.
"Many lenders offer mortgages for friends who want to buy together, which can be a cheaper and less stressful way of getting started. Plus, for many first time buyers, after years of sharing in student digs they’ll be used to living in a house full of friends already"
However she warned that buyers in Northern Ireland looking to take out a joint mortgage should ensure they are embarking on the venture with reliable parties, as if one person defaults, solicitors could be forced to pursue all parties for debt.
"Everyone named on the mortgage is responsible for ensuring the mortgage gets paid, regardless of whether this is split between a number of people," she said.
"As with all mortgages it is important to ensure you can meet you monthly payments and that you choose a competitive deal that meets your needs," she added.
Solicitors in Belfast and Northern Ireland could see more graduates taking up joint mortgages in the near future, as recent research by Scottish Widows showed that this type of deal has risen in popularity among university leavers.
Visit our residential property services page
According to Nationwide building society, a joint mortgage could be cheaper for first-time buyers, meaning that solicitors in Belfast could see more new buyers taking up joint deals, as prices remain out of reach in the city.
A spokesperson for Nationwide, said: "A joint mortgage is just one of a number of options for first-time buyers who are struggling to get on the housing market.
"Many lenders offer mortgages for friends who want to buy together, which can be a cheaper and less stressful way of getting started. Plus, for many first time buyers, after years of sharing in student digs they’ll be used to living in a house full of friends already"
However she warned that buyers in Northern Ireland looking to take out a joint mortgage should ensure they are embarking on the venture with reliable parties, as if one person defaults, solicitors could be forced to pursue all parties for debt.
"Everyone named on the mortgage is responsible for ensuring the mortgage gets paid, regardless of whether this is split between a number of people," she said.
"As with all mortgages it is important to ensure you can meet you monthly payments and that you choose a competitive deal that meets your needs," she added.
Solicitors in Belfast and Northern Ireland could see more graduates taking up joint mortgages in the near future, as recent research by Scottish Widows showed that this type of deal has risen in popularity among university leavers.
Visit our residential property services page
