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Is it time to 'buddy up' and share a mortgage?

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Is it time to 'buddy up' and share a mortgage?

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Published by Brian Church for 24dash.com in Housing and also in Finance

Money Money

The Shareamortgage.com website is offering what it calls "a unique platform" for would-be buyers to "buddy up" and share the costs and benefits of buying a house.

"Wage growth has been less than 1% in recent months and, with property prices rising far quicker than average earnings, people haven’t had the time to catch up with the rising cost of living, leaving many trapped by their own budgets," said Andrew Boast, co-founder of Shareamortgage.com.

The website has an affordability calculator which helps people assess whether they can afford mortgage repayments.

Shareamortgage.com says it "provides a platform to buy with friends, family, work colleagues, or like-minded people". Anticipating any future problems, the website says "the relationship between property buyers is protected by Shareamortgage.com’s unique shared ownership protection which is a specially designed legal document that protects joint owners".

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