Half of young first-time buyers (FTBs) are willing to consider ‘non-traditional routes’ to get onto the property ladder, according to new research. [1]
Friend or sibling? Some 62% would ideally like to purchase a home with a partner. Faced with a difficult buying environment, however, many have been forced to look at alternative options.
Top non-traditional routes include purchasing with a friend (24%) or sibling (22%). The main motivator for considering these routes was improving affordability. One in seven believed there was no other way for them to buy a home.
Trust is key Whoever you are buying with, a declaration of trust is essential. This is a legal agreement between joint owners that clarifies each person’s share in the property. We can help you understand your options.
[1] Lloyds, 2024
🚨 Data accurate as of the date of publication – 06.12.2024
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🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Planning – Essentially Mortgages Q4 2023
