With young people generally struggling to get a foothold on the property ladder, an increasing number of parents are investing in joint mortgages with their children, reveals new research.
According to property developers, Linden Homes, parents are either helping out their children with their first house by providing the additional funds needed for a mortgage as a gift or an investment .
Their decision can assist their first-time buyer offspring to secure their first home or help them invest in a property further up the ladder, which would be unaffordable without financial support.
The joint mortgage would work by both parents and their children being named on mortgage deeds and the level of mortgage would be determined by the combined income of the investors .
"Buying jointly with parents is becoming increasingly popular as children struggle more and more to fund their own first home purchases," commented Philip Davies, chief executive of Linden Homes.
However, the decision to enter into a joint mortgage requires high levels of commitment from both parties, as parents investing in the property will have a greater say in the choice of house and any future financial decisions involving the property. However, it could be a good way for parents to both help their children and make a potentially lucrative investment in property.
Parents and children investing in joint mortgages
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