Multiple Borrowers may help get you on the property ladder
May 13th, 2008 by 
Guy
Home buyers who cannoy afford a property on their own due to tighter lending criteria have started to join together to apply for one multiple borrower mortgage application, says Mform.co.uk.
The price comparison website stated that nearly 50 % of lenders of lenders will allow multiple borrowers on an application, with four people being the normal maximum.Some lenders however set no limit on how many people can make an application, the website says.
Its data reveals that up to 42 mortgage companies that lend directly to the public will allow multiple borrowers on mortgage applications, with the amount customers can borrow usually based on the two biggest incomes.
Francis Ghiloni, marketing and business development director for Mform.co.uk, says: “Groups of borrowers teaming up to make an application makes sense in the current climate and the mortgage industry is increasingly willing to consider multiple borrowers.
“Anyone signing up for a mortgage with a number of other borrowers, however, has to be careful that they are clear on exactly what they are doing. They should seek legal advice and have clear agreements on who is responsible for what.”
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