Indebted graduates ‘taking risks with joint mortgages’
Article Category: Debt Management Help and Advice
Graduates in debt are investing in property with partners, family members and friends, it has been claimed.
The fourth annual Scottish Widows Bank Graduate First-Time Buyer Survey shows that 72 per cent of graduate first-time buyers have bought property with someone they know, with 69 per cent of people with a joint mortgage unable to buy the other person out.
With average graduate debt standing at £10,586, communications manager Amanda Docherty noted that a shared mortgage is a good idea "in principle".
"However, this is not an arrangement that people should rush into. Nobody wants to end up in a situation where they find it extremely difficult to share a home with someone they no longer get on with but can’t afford to do anything about it," she warned.
Debt was cited as one of the biggest barriers to buying a home by respondents, 70 per cent of whom also blamed high house prices for their difficulties in getting on the housing ladder.
For more information about debt management call our advisors on 08000 122 118 for FREE, no obligation help and advice.
© Adfero Ltd
Leave a Reply