More couples leapt to homeownership in 2007
Saturday, February 9th, 2008Last year the number of joint-home buyers increased from previous figures. The number of couples making first-time home purchases grew from 45% in 2006 to 50% in 2007, reported John Charcol.
The technical manager of the firm’s Web site Charcol.co.uk, Katie Tucker, said that the number of women buying independently has remained at about the same level; while the number of men purchasing alone has dropped to follow the shifting trend.
Ms. Tucker stated: “Buying together is a very sensible choice in terms of affordability. Not only for splitting the mortgage and the bills, but more cuddling up should save you on the heating!” However, as living with a partner is a major decision she also advised renting together before making the leap into purchasing.
Young couples should consider writing an “exit plan” in the event their relationship goes south, before the mortgage has been paid off. Remaining friendly in connection with large purchases could easily protect both parties assets and interests. And at the very least, the “exit plan” should clearly lay out who will pay for what and how much each person will pay- including writing up conditions under which the home would be put back on the market for sale.
Covering a couple’s bases by all accounts will leave much less to chance and worry, and give each person in the relationship more security in knowing what to expect in the event of relationship changes.
It is predicted by the Bank of England that in the first quarter of 2008, the demands for secured loans will rise among British homeowners.