Buying property with family
An introduction to family mortgages
More and more first time buyers are buying property with family members to get on the property ladder. At www.sharetobuy.com we have created the 'share to buy mortgage', a tailor-made service for taking out joint mortgages with friends or family members that includes:
- Exclusive shared mortgages that are not available anywhere else, such as our Share to Buy Exclusive with Britannia that will take not just one or two, but three or four incomes into account. This is generally available for buying property with friends rather than family members, but we have many other family mortgages available for those looking to take out a joint mortgage with a parent or other family member.
- In addition, we have a broad range of lenders on our panel including the 'high street' names and specialist providers, and our focus on shared mortgages with family members means that we have built up considerable experience of how different lenders will treat family members buying property together. For example, it is common in family mortgages for retirement age to be an issue and we have lenders on our panel who are flexible on this issue.
- We provide a free and comprehensive joint ownership legal agreement to cover the key issues of taking out a joint mortgage with friends or family members, of course, is optional and you may feel that this is not required for a family mortgage as it would clearly be when buying property with friends.
- For all of the above shared mortgage services we do not charge a fee at any point - we know that it can be hard enough for first time buyers raising the money to buy a house!
Use our Joint Mortgage calculator to see how buying property with family members could help you, or see our family mortgage case studies.
Family mortgage case studies
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Joint mortgage between father and son in Preston >> |  |
Father, son and daughter in law club together to buy their first property in Wakefield, Yorkshire >> |
Issues in family mortgages
You will have to think about the issues if you are thinking about buying property with a parent or other family member:
- Choosing between the two main methods of buying property with family members, namely, joint mortgage or guarantor mortgage. Click here for further reading on deciding between joint mortgage or guarantor.
- How much you can borrow on a joint mortgage with parent or other family member. Share to buy have significant experience in arranging mortgages between family members.
- Finally, when buying property with family members there may be complex tax or legal issues for which you should seek advice from your solicitor, accountant or appropriately authorised adviser.
For more information go to the share to buy home page.
