They get by with help from friends

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Mon 27 Oct 2014

They get by with help from friends

More people are teaming up with a friend or relative to share the cost of buying a home.

That’s according to Santander Insurance which found three quarters of those surveyed said they are planning to buy in the next two years with a friend, relative or partner.

The main reason for buying jointly, given by 23 per cent, was that shared ownership is the only way to get a foot on the ladder. Twenty one per cent said they were planning a joint purchase because they want to live with the other person, 16 per cent said it would leave them less financially stretched and 15 per cent said they hoped to buy a bigger a property by teaming up with someone else.

Santander’s study highlights that almost half (44 per cent) of existing joint home owners have no life insurance cover and a further 27 per cent of those who are planning or considering joint home ownership have no plans to buy it. The research also shows that of those planning a joint purchase, unmarried couples are almost twice as likely as married couples (39 per cent versus 21 per cent) to do so without life insurance.

Santander is reminding all joint homeowners of the importance of life cover, to ensure co-owners, family and dependents are protected, should something happen to either party.