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Mortgage Information for Buying a House with a Stranger

Sarah's Top Tips
Inspired to get on the property ladder? Read Sarah Van der Noot's top tips on buying a property with a friend, partner or stranger.
  • Is your relationship secure? "Buying a house can be a very stressful time. Make sure your relationship can withstand decision making and pressure".
  • Get a legal contract drawn up. "Buying a property with a friend should be treated as a business partnership. Have a contract drawn up that details what will happen if one of you decides to sell up. It will work out better in the long run".
  • Get your finances sorted. "Approach a mortgage lender early on to get the mortgage process underway. This will avoid delays when you find the property of your dreams".
  • Be clear and honest about what you are both looking for. "Make a list of what you want, what you would like but can do without, and what you definitely don’t want".
  • Be prepared to make compromises. "You may want two large bedrooms, a garden and a swimming pool but on your budget this isn’t realistic. You will probably have to forget about the swimming pool".
  • Get the simple things sorted. "Agree on things like who gets the big bedroom beforehand. One bedroom is likely to be bigger than the other so you should work out how you will work with that".
  • Choosing a property. "After visiting potential properties sit down and draw up a list of likes and dislikes together. This will help establish what will work for each person. And lead to you getting what you want".

Can you afford to buy a house on your own? Too expensive? No one to buy with? What is one to do?

After years of booming property prices, first-time buyers have been priced out of the market and are struggling to get on the property ladder. The average age of the first-time buyer has shot up from 25 to 34 and sales to first-time buyers are at an historic 20 year low. According to a recent survey, a quarter of first-time buyers only manage to scramble on to the property ladder with a helping hand from their parents.With rocketing house prices, buyers are having to explore some extreme avenues if they want to get on the property ladder. Buying a house is one of the most stressful things you can do, and that’s just when you buy with a partner or friend. Imagine how stressful it would be to buy with a complete stranger. Find out make your "stranger" mortgage enquiry here

Would You Buy A House With A Stranger? the TV program aims to help first-time buyers increase their purchasing power by matching them with like-minded souls and combining their salaries. They take one principal buyer who goes on three property dates with three different potential co-buyers. After each 24-hour date, the principal buyer chooses one of the three to buy a property with.The co-buyers are then given expert help by property guru Sarah Van der Noot. Sarah puts her expert knowledge to use to find the co-buyers their dream property and negotiates the price on their behalf. The couple are followed during the purchase, and after they move in. BUT WHAT ABOUT IN THE REAL WORLD?

MortgageShop.com offer a free matching service for all of their mortgage applicants applying from this site. We strongly believe that some form of assistance should be offered to first time buyers in increasingly expensive areas like London, but not just this area like the program deals with. We are very aware that people all over the UK need assistance in making that all important first step into home ownership across the country.

Its a simple question of making your mortgage enquiry here and we will send you details of people purchasing in your area that have also made a mortgage application via our service. The more people who make applications the more introductions we can make to grow this unique property purchasing system.

We are also pleased to offer introductions to vital services related to such a purchase like qualified and aware Solicitors and Conveyancers, Property Developers and Estate Agents, Independent Financial Advisers, Valuers etc etc. Make your enquiry and we will put our systems into action today.

Oh and keep an eye on the BBC's great website for more details on this series of informative programs

Five Property Facts

  1. House prices have tripled since 1994.
  2. In 2004 the average house price in England and Wales was £179K, seven times the average earnings.
  3. Homes in nine out of ten UK towns are now unaffordable for first time buyers.
  4. The average price for a property paid for a first time buyer in August 2005 was £153,285.
  5. One in four first-time buyers now have to borrow money from family or friends in order to afford a deposit.

with thanks to the BBC for introducing this concept and for use of their program content
 
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