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House prices have soared over the past few years leaving many struggling to get onto the property ladder. As a result, some buyers have resorted to extreme measures to ensure they will become homeowners - even rushing into buying a house with someone they barely know.
Skipton's latest research shows that one in four first time buyers have taken out a mortgage with someone other than a spouse and 28% have done so with a person they have known for less than a year. As a consequence, 39% of buyers whose joint mortgage ended felt that they had bought together too soon and 33% regretted buying with that person.
Problems, such as unequal mortgage contributions and the emotional strain these bring, have lead many of these homeowners to the conclusion they should have spent more time getting to know the other person (28%) or should have lived together before buying (35%).
Whilst the panic that potential homebuyers must feel is understandable, their desperation shouldn't mean caution is entirely thrown to the wind: it's imperative that buyers take the time to get to know their prospective co-owners and draw up an agreement stating exactly what will happen, not just for the initial purchase but also when it comes time to sell.
If you would like more information on Skipton's wide range of mortgages and savings accounts then pop into your local branch or call us on 08457 171777*.
Research was carried out online during August 2007 by PCP Market Research. A total sample of 1,001 UK adults were interviewed, consisting of: 350 who had previously had a mortgage with someone who was not a spouse; 319 who currently have a mortgage with someone who is not a spouse; and 332 who are looking to take out a mortgage in the next 12 months with someone who is not a spouse.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.