Newspaper article The Evening Standard (London, England)

Share Option; First-Time Buyers Can Now Club Together with a New Mortgage That Enables Them to Boost Their Individual Purchasing Power Homes & Property

Newspaper article The Evening Standard (London, England)

Share Option; First-Time Buyers Can Now Club Together with a New Mortgage That Enables Them to Boost Their Individual Purchasing Power Homes & Property

Article excerpt

NOW that the average home in London costs [pounds sterling]251,368, more than seven times the average salary of [pounds sterling]33,000, young buyers are increasingly struggling to buy a property.

However, there is a new option for those wanting to get on the first rung of the property ladder without saddling themselves with large mortgage repayments - the "Share to Buy" scheme, under which up to four people can get a mortgage for three times their combined salaries.

Under the scheme, four professionals who earn [pounds sterling]24,000, could afford a property wor th up to [pounds sterling] 320,000, having put down a 10 per cent deposit between them. This could give each individual monthly repayments of about [pounds sterling]435.72 a month, on their [pounds sterling]72,000 share of the mortgage*.

Britannia Building Society and the Graduate Network are targeting their "Share to Buy" scheme, the first of its kind, at twentysomething professionals, though there is no age limit for borrowers. …

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