Co-buying is not a new concept and we all know someone who has co-bought with a trusted friend or family. It seems an obvious move as the financial benefits of clubbing together helps to get a foothold on the property ladder.
But suddenly buying together is big news. Ever since Housing Minister Grant Shapps announced that:
"Banks should offer Mates mortgages to help groups of friends buy a home together."
He went on to urge mortgage lenders to send a lifeline to the record-breaking numbers of first-time buyers desperate to buy their first home by introducing a radically new type of lending that he called 'mates mortgages'.
At present there are only a few lenders who openly offer Mates Mortgages with Britannia being the most visible. However, to qualify for the Britannia Shared Mortgage, they require:
Minimum of two applicants, BOTH of whom must be graduates OR have professional qualifications (e.g. accountancy, law). Armed forces commissioned officers accepted.
So until Mates Mortgages become more commonplace and less restrictive, it appears that you need friends in high places. But what do you do if you don't have a suitable mortgage mate? How do you find a trustworthy and like-minded partner that's in a position to buy? Well, apart from looking amongst your circle of friends and family, there are sites out there that specialise in finding that like-minded individual. They not only put people together, they can provide the relevant information to make the partnership successful. For example, when you do meet someone who you like and think that you could live with, there are a number of things you can do before you decide to buy together.
And of course, if you're serious about co-buying, you would be sensible to rent together first. Try before you buy and if it doesn't work then, you've saved yourself a lot of heartache. But if it does work, you're ready to take the next steps. Just remember, successful co-buying is about planning.
Before even looking at properties, discuss all eventualities, for example, what happens if one of you is made redundant, or if one of you wants to leave. You will need to draw up a legally binding Deed of Trust covering all these important issues including who owns what percentage of your home and how you're going to deal with any major changes. Sit down with your prospective mortgage mate and work out what's important to you - solicitors call it a co-habitation agreement. It needs to cover the basics of living together, like cleaning, bills and noise. Use it to talk about home truths, from who takes out the rubbish to sharing food.
When you move in, stick it on the fridge and you'll have the basis of a long-lasting relationship and friendship. Here's to your future co-buying happiness.
http://www.propertymates.co.uk/ helps co-buyers and co-investors climb the property ladder together. Through free online contact and Propertymates parties, we aim to help you find your perfect Propertymates and turn your dreams of ownership into reality.
So whether you're a first-time buyer struggling to save for a deposit, or a mortgage returnee, a property investor or someone looking for overseas property partners, Propertymates is here to help.
For more information on Propertymates.co.uk and co-buying, email the team at contact@propertymates.co.uk
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