Half of young first-time buyers (FTBs) are willing to consider ‘non-traditional routes’ to get onto the property ladder, according to new research7.

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. Let us help you get the keys to your new home with our first time buyer mortgages. We deal with all major lenders and many smaller ones not on the high street – we offer a mortgage review service that is representative of the whole of the market. We have access to many different mortgage lenders – including those not on price comparison sites and newer challenger banks. Our guide Borrowing To Buy Your New Home will help to clarify the terminology, benefits, risks and associated costs of borrowing to buy your new home.

7Lloyds, 2024