First-time homebuyers should consider these nine things before applying for a joint mortgage
dailyrecord.co.ukPreparing to get a mortgage is already a challenging task, but ongoing economic uncertainty makes navigating this milestone even trickier.
The Bank of England Base Rate is now at 4.25% and remains its highest in 14 years and coupled with the cost of living crisis is putting extra pressure on the ability to save and budget effectively.A mortgage is a long-term agreement, so it’s important to be clear on what you can afford and complete the necessary preparation to increase chances of a good deal.
Getting onto the property ladder is tough, most of the time you need a hefty deposit, a steady income and good credit. This is why you might want to consider getting a joint mortgage, grouping together means you’re more likely to afford a bigger property as it will increase how much you are able to borrow.
Head of Mortgage at Sambla, Yasin Kayhan, has shared a list of nine things to consider before getting a joint mortgage. Joint ownership is a big decision and not one to be taken lightly.
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