Housing minister Grant Shapps will today call on lenders to offer “mates mortgages” so groups of friends can buy a house together.
Shapps wants lenders to make it easier for friends who would like to buy a house and can afford the repayments but are locked out of the market because they do not have a big enough deposit.
Shapps will make the call to industry figures at his second housing summit, looking at how to get more first-time buyers on the housing ladder.
Shapps says: “If there are mates who are perfectly capable of paying monthly mortgage payments but are struggling to fund a deposit on their own, there should be straightforward options to unite with their friends and take the first step onto the housing ladder together.
“That is why I have once again called on key figures from across the housing market to come together and discuss ways to improve the availability of mortgages, and how existing products can be promoted much better.”