UK Money News
20th December 2007
Joint mortgages 'can be risky'
Anyone considering seeking help with money by entering into a joint mortgage with a stranger is taking on a significant risk, it has been claimed.
Independent personal finance adviser Bestinvest states that "all sorts of problems" could result from choosing to take on such an arrangement.
For instance, having a good understanding of the other person's credit record is vital, it asserts.
This is due to the fact that if one borrower defaults on their payments, the other remains liable for the sum borrowed.
Peter O'Donovan, mortgage manager at Bestinvest, said: "It's tough. There is no protection at all.
"If one person becomes redundant for example, then you can have flat insurance protection on that, but there are no other insurance policies that protect you if someone decides not to pay."
According to finance news from Scottish Widows, joint mortgages became more popular this year among graduates as this was the only way that many could get on to the property ladder.
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