As impartial advisors we have noticed a marked expansion in the range of group mortgages, i.e. mortgages for more than 2 people.
Unsurprisingly this trend has coincided with the continuing rise in house prices. Traditionally mortgages are either held in the sole name of a single borrower, or in the joint names of a couple.
Due to the fact that in some areas rises in house prices have far outstripped rises in average income, many people are looking for an alternative to the tradition. One obvious way to increase borrowing potential is to bring more income into the calculations by adding further borrowers.
Group mortgages, offered by specialist lenders, can be held in multiple names, which reflects the fact that many people now see buying property as being as much about investment as making a home: it is becoming much more common for us to help groups of friends buy property together.
As professional mortgage brokers, with access to a large number of lenders, we can source from the whole of the marketplace to help you find the most competitive quotes considering your individual situation and individual preferences.