Hopeful FTBs consider buying with friend or sibling
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Hopeful FTBs consider buying with friend or sibling
Did you know that 46% of aspiring first-time buyers would consider buying a home with a friend or sibling to help them get onto the property ladder?12
Most people (62%) would ideally like to purchase a home with a partner; however, many have been forced to look at alternative options. The main reason for considering ‘non-traditional’ routes was improving affordability (60%), 56% said they trusted the person they would co-own with and 14% believed there was no other way for them to buy a home.
Whether you are purchasing a home with a friend, sibling or partner, there is a lot to consider. It is essential that you make a declaration of trust – a legal agreement between joint owners that clarifies each person’s share in the property. This is also strongly advised if a family member is contributing towards the deposit. We can help you think about your options – contact us for professional advice.
12Lloyds, 2024
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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