Half of young first-time buyers (FTBs) are willing to consider ‘non-traditional routes’ to get onto the property ladder, according to new research1.
Friend or sibling?
Some 62% would ideally like to purchase a home with a partner. Faced with a difficult buying environment, however, many have been forced to look at alternative options.
Top non-traditional routes include purchasing with a friend (24%) or sibling (22%). The main motivator for considering these routes was improving affordability. One in seven believed there was no other way for them to buy a home.
Trust is key
Whoever you are buying with, a declaration of trust is essential. This is a legal agreement between joint owners that clarifies each person’s share in the property. We can help you understand your options.
1Lloyds, 2024
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.