e-Newsletter
It's increasingly common for people looking to purchase a property to buy with one or more other people, particularly first time buyers.
Whether it's a friend, a relative or a partner, taking out a mortgage with someone else is not something to enter into lightly. Research from Skipton Building Society suggests that a quarter of co-mortgages that come to an end prematurely do so because the borrowers fall out or split up, often with serious financial consequences.
To help avoid this happening to you, Skipton has worked with psychologist David Moxon to produce this financial compatibility test.
Simply answer 20 brief questions to identify your financial behaviour and get your potential co-buyer to do the same. Then see whether you would make great mortgage bedfellows or whether you should seriously reconsider buying together.
1. I enjoy taking risks
2. I don't worry about locking my house at night
3. Life with no danger in it would be too dull
4. I would do almost anything for a dare
5. I think people spend too much time safeguarding their future with savings and insurances
6. I often don't plan things well ahead of time
7. I usually make up my mind quickly
8. I often buy things on an impulse
9. When I meet new people, I very quickly decide whether I like them or not
10. I often get involved in things I later want to opt out of
11. I am very careful with my money
12. I get very anxious when I have to spend my savings
13. I think it is very important to have a nest egg
14. I don't like waste
15. I think it's important everybody looks after the environment
16. I usually don't give too much thought when spending money
17. I often buy too much food each week
18. I rarely check my bank balance
19. I am quite a wasteful person
20. I like expensive clothes
Contact Us