(All research information correct as of December 2007)
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There is no point sugaring the pill. You will be much more attractive to mortgage lenders if you have a deposit to put down. It will also provide a cushion in case properties fall in value this year.
The mortgage deals that allowed you to borrow more than the value of your property have gone. And although there are still some lenders offering 100% and 95% mortgages for now, high loan to value mortgages are likely to be more expensive. The bigger the deposit, the better the interest rate.
Parents seem to be increasingly resigned to bailing out offspring wrestling with student debt, the high cost of living and high property prices. Research from Abbey shows that already one in seven first time buyers are now given money from their parents to invest in their first home. And one in 17 borrows money from parents, with the average loan standing at £19,619! It's worth a try- they might be keener than you realise to get you to move out.
It's very popular now for first time buyers to boost their buying power by looking for property as a couple. In fact, joint ownership mortgages are available for up to four people (although lenders tend to lend on multiples of the two highest incomes). Lenders have become much more relaxed about who you can take out a joint mortgage with- family, friends, even a stranger looking for property to invest in.
But anyone considering a joint mortgage should ideally rent together first to make sure they really do get on and get a legally drawn up co-habitation or joint ownership agreement when they buy. You need to be clear what happens if someone loses their job, moves a boyfriend in, deposits, what belongs to whom, etc. See our guide with more about sharing.
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