Graduates urged to be 'cautious' with joint mortgages

(Author: James Smith | Article Views: 23 | Word Count: 155 | Published: Nov 29th 2007)

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A survey conducted by Scottish Widows found that 72 per cent of graduate first-time buyers chose to buy with somebody else, compared with 69 per cent last year.

However, Amanda Docherty, communications manager for the bank, warned that people should not "rush" into making these kinds of arrangements.

"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 commented.

The company''s research also discovered that fewer than half of respondents who graduated in the last ten years have managed to get onto the property ladder.

According to data from the Council of Mortgage Lenders, the average mortgage rate rose to 6.02 per cent in September, up from 5.91 per cent a month earlier.

This, the organisation said, created further affordability problems for first-time buyer mortgages.

About the Author

James Smith is an online journalist from Perth, Scotland.

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