View more on these topics

Protecting the bonds of friendship

Steve-Payne-Cutout-500.jpg

It can be hard to know when it is the right time to buy a house for some people, especially those planning to buy alone. Making the jump from living with parents or even renting is daunting because of the financial ties associated with owning a home, and some single people just cannot to afford to buy on their own.

But renting seems like a waste of money for people who are keen to pool their money into an investment, and getting on the ladder can mean more security in the future. So it is not really a surprise that some people are now turning to their friends to enable them to buy a place of their own, instead of waiting until they have a partner or family.

Clubbing together with friends can be a great way to get on the ladder, but what worries me, is that people might be less likely to take out protection insurance if they have no family or dependents relying on them. However, they are at risk of losing just as much as those who do. Consumers should be made aware that whatever situation they are in when buying a house, protection insurance is an important safeguard.

Perhaps even more so when buying with friends, who might not be in a position to stump up more than their share of the mortgage and bills – and might be a little more unforgiving about the situation. So when it comes to making that commitment of buying together, people need to think about protecting the value of themselves, and their friendships.

Recommended

Colin Snowdon

Frack or fiction? More debate needed

Certain daily newspapers cannot survive without a property related horror story to scare middle England. In the past, it has been the High Speed 2 rail link and of course our old friend Japanese Knotweed- which inconveniently still has not caused a single house to fall down. As plans for trial drilling sites begin to crystallize, fracking […]

cityboy

Media Spotlight: Cityboy – Fear and Loathing in the Square Mile – Geraint Anderson

Tales of bankers’ excesses are nothing new. Over the course of the financial crisis, all manner of stories came out of the proverbial woodwork about £44,000 lunches, traders blowing bonuses on the latest Porsche or Ferrari and 20- and 30-somethings snatching up multi-million pound properties in London’s most fashionable post codes.  In Cityboy, author Geraint […]

Estate-Agent-To-Let-Buy-Mortgage-700.jpg
4

‘Market should prepare for full regulation of B2L’

The market should prepare for full regulation of the buy-to-let market, according to industry experts. Speaking at the Financial Services Expo today about the Government’s shock move to regulate “accidental landlords” to comply with the EU mortgage credit directive, commentators suggested full regulation is on the horizon. Precise Mortgages managing director Alan Cleary says the […]

balance

Lending Zone: Striving for balance

With opinion and statistics divided on the health of the housing market, what the mortgage industry wants is stability 

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]

Newsletter

News and expert analysis straight to your inbox

Sign up