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Joint mortgages are small area of market
Tue, 25 Sep 2007
Recent housing market conditions have led some commentators to report on the increase of joint mortgages, although one expert has suggested that this phenomenon is still a small area of the market.

Bernard Clarke form the Council of Mortgage Lenders (CML) has said that joint mortgages are not a large part of the mortgages market as they can be fairly complex agreements.

Mr Clarke commented that joint mortgages are "only a very small area of the market" and added that to some people "it can seem like a good idea but it can be very hard to put together".

There are many different factors that must be taken into consideration in this type of deal, he remarked.

A group of like-minded individuals must discuss how long they intend to live together, how they will protect their individual shares and address the possible occurrence that one party may have to suddenly move out or be unable to pay their share of the mortgage .

According to the Council of Mortgage Lenders, gross lending fell by six per cent in August.

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