this can add to the costs of property buying. Joint ownership can be very bureaucratic so it is important that a record is kept of all payments. Life insurance and mortgage protection must also be taken out. If one person wants to move and sell you might find yourself having to make other arrangements to pay the bills such as taking a tenant. About the Author 温碧霞走出婚变 林志玲遭老总熊抱

UnCategorized Today it is becoming increasingly popular for borrowers to take out a mortgage that is joint ownership. There are many reasons why this is so popular but it is mainly due to the fact that the mortgage is not only based on two incomes but all bills and mortgage payments and mortgage deposit are split equally between the borrowers named on the mortgage. This can mean that borrowers can buy a property in a more preferred location or even get a more expensive property. Property prices in 2009 With property prices continuing to fall in 2009 and with some areas having already dropped by 25% this year could be the perfect time for first time buyers to enter the property market. The expectation is for the fall in house prices to continue this year but slow down by the end of 2009 and the start of 2010. Mortgages and the credit crunch With the mortgage market tightening in 2009 taking a joint mortgage can help you get on the property market. Many mortgage lenders have stopped calculating how much they will lend on straight forward income multipliers and now use affordability calculators to make their lending decision. This has the effect of offering low amounts to single borrows and large mortgage amounts to joint borrows. As most if not all lenders now require a minimum 10% deposit before considering lending to first time buyers having two peoples savings could also be the difference between getting a mortgage or having to rent a home. Advantages and disadvantages of joint ownership As with all mortgages there are advantages and disadvantages of joint ownerships mortgages, here is what you can expect- Advantages- Monthly mortgage payments are shared. The deposit for the property is shared. All initial mortgage costs are shared solicitors fees etc. All responsibility for maintenance and upkeep of the property is shared. You are making an investment which is better than paying rent. Household bills are shared. Joint ownership is a means of establishing formal cohabitation which can avoid conflict, something that is sometimes unavoidable with a spouse or partner. Joint ownership can mean the mortgage term is shorter, saving the borrowers money. You can get on the property ladder sooner than a single application. Disadvantages Everyone named on the joint ownership mortgage is liable for the repayments. So if one person defaults it is the responsibility for the others named to make up the shortfall. In order to protect your investment you will need legal documents such as wills made, this can add to the costs of property buying. Joint ownership can be very bureaucratic so it is important that a record is kept of all payments. Life insurance and mortgage protection must also be taken out. If one person wants to move and sell you might find yourself having to make other arrangements to pay the bills such as taking a tenant. About the Author: 相关的主题文章:

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