Joint mortgage is the answer for first home buyers

With the lower incidence of entry-level mortgages meaning many first home buyers are being priced out of the market, those intending to get on the property ladder have come up with a new strategy – going halves.

According to a new survey published by the UK's Post Office, over half of British couples would consider buying a house together before marriage. Of the 2,0007 people questioned who were currently in long-term relationships, more than 50% were thinking of entering into a joint mortgage, and 40% said this was because it was the only way buying a house would be feasible for them.

The joint mortgage trend also extended to single people – nearly 44% of those surveyed who were not in a relationship said they would consider buying a house with a friend or a family member. Mike Cook, head of the Post Office's mortgage department, said the survey's findings showed a dramatic shift in social attitudes towards the purchase of property.

"With many first-time buyers finding it difficult to get on the property ladder, for some couples buying a house together before marriage is out of financial necessity rather than just 'playing house'", said Cook. "Purchasing a property, whether it's with a partner or a friend, is of course a big commitment."