The desire for home ownership was a talking point in this weekend’s press, following recent research by Barclays which revealed that more than 60% of First Time Buyers view buying a home as a greater sign of commitment than marriage.
As well as couples, hopeful buyers are also joining forces with friends or family members in order to get onto the property ladder. The Times took the opportunity to explain the different routes to home ownership, namely joint tenants and tenants in common.
The joint tenant system is common for married couples, and means each person has equal rights over the property, but is not necessarily suitable for those who are unmarried.
Tenants in common buy a set share each, and they can specify who receives their share of the property in the event of their death. Experts also advise setting out in a contract points such as the size of the deposit contributed by each person, and how the proceeds will be split on sale.
Elsewhere in the press, there was good news for those who are in a position to buy. With interest rates seemingly unable to drop much lower, lenders are looking for new ways to attract business, and the number of mortgage deals with incentives such as cashback have risen in number.
Borrowers are advised not to pick a deal based simply on the ‘freebies’ available however, but should factor these in alongside set up costs to work out the total cost of a deal before going ahead.
What the papers said about home ownership and mortgage incentives