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Could a mortgage share (and a Monaco!) help you onto the property ladder?

Could a mortgage share (and a Monaco!) help you onto the property ladder?

There was exciting news in the budget 2015 when the chancellor announced plans to introduce an ISA making it easier for people to save up a deposit. For every £200 you save, the government will give you an extra £50.

Along with the Help to Buy schemes, stamp duty reforms and the current low mortgage rates, it’s never been easier to buy your first home. But what’s even more interesting is the opportunity to mortgage share with friends or family members.

Any individual will be able to apply for a Help to Buy ISA, expected in the autumn [I]. So if two or even three of you want to buy a home together, you could each save £200 and get £50 from the government.

"This is great news for friends or family members who want to share a mortgage and property together,” says Strata Sales Director, Gemma Smith. “It can be difficult saving up a deposit, but if you can pool your savings and each benefit from a Help to Buy ISA, it makes your first home in even easier reach.”

Why the Monaco is the perfect home share

Strata has an ideal house type for friends or family on a shared mortgage. The Monaco is a deluxe two bedroom home designed over three floors. It includes an impressive master bedroom with ensuite on the second floor, a versatile second bedroom on the ground floor, which could also be used as a study or extra living space, and an open-plan living space on the first floor.

There’s a sleek fitted kitchen that can be personalised to suit you (and your mortgage share buddy!) and many Monaco’s have a private garden.

The nuts and bolts of a joint mortgage

It’s true many mortgage lenders will only consider two peoples’ incomes when doing their assessments - often the ones with the highest earnings. However, a mortgage advisor will be able to help find the best option for your group. You can then enter into a joint tenancy or tenants in common [II].

A joint tenancy is when you split the property into equal shares. If something happens to one tenant their share will be divided and passed to those remaining, meaning they will take on responsibility and payment for that share.

Tenants in common (favoured by larger groups) each have a share of the property but this can vary depending on your salaries or however you agree.

How to #MAKEITYOURS in 2015

Book your personal viewing of a Strata Monaco today. Our experienced mortgage advisors will be able to discuss the options available to those looking into a joint mortgage. Contact us on 01302 308508 or email enquiries@homesbystrata.com


[I] http://www.bbc.co.uk/newsbeat/31961495
[II] http://www.money.co.uk/article/1004564-should-I-get-a-joint-mortgage.htm

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