Knowing your friends key to co-buying

Posted: 25 Jul 2007 09:55:27 GMT

Knowing your friends is the key to making a success of co-buying, the Building Societies' Association (BSA) has warned.

Knowing your friends is the key to making a success of co-buying, the Building Societies' Association (BSA) has warned.

With property prices rocketing, more and more people are clubbing together to get a foot on the housing ladder.

Pooling resources with friends and relatives can often make the difference between being able to afford to buy and having to stick with renting.

But anyone considering such a move needs to make sure that they know and trust the people they are borrowing with.

"You need to make sure you actually know your friends - that is the key to it," said Neil Johnson, a public relations manager at the BSA.

"[They should] make sure they look at all the issues they have got to look at and check that all bases are covered, so it will work both from a financial perspective and also that they are going to live happily with the people they are buying with," he added.

Most mortgage providers now cater for people wishing to co-buy meaning contracts and advice on making the process work are usually available.

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