A rise in interest rates has left many first-time buyers finding it more and more difficult to afford to buy a home alone and many are likely to share the load with someone else, John Charcol said.
The Bank of England has now set rates at 5.25 per cent causing the price of a mortgage to be pushed up and leaving thousands struggling to meet their repayments.
Ray Boulger, senior technical manager at John Charcol, said that co-buying is a relatively new phenomenon and that once the trend becomes well known it will be easier for first-time buyers to actually do it.
He added: “There’s no doubt that we will see an increase in co-buying, although the interest rate rise in itself won’t make a huge increase.
“But at the margin, it is one thing that makes it difficult for first-time buyers, so that might lead to a rise in co-buying.”
Adfero Ltd
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