With house prices rising further and affordability criterias becoming ever so hard to pass, first-time buyers must now seek ever more creative ways to manage their money and qualify for a mortgage.
With 1 in 7 brits open to the idea of co-buying a home with a stranger, this is an opportunity for most people to consider, a means to move from generation rent to generation own again.
What might come as a surprise was that a further 59% of people were totally open to the idea of buying a home with a total stranger if they ticked the right boxes
So just what does cobuying with a stranger...soon to be friend and housemate entail and should you try it.
Buying with a co buyer will mean deciding on how much deposit you can afford to put down and how much in monthly payments you can afford. Your co buyer must then be able to meet the remaining requirements of deposit and monthly payments.
You also must both tick all boxes for the affordability assessment and have credit files that will not sway the interest rate in a negative way as this may then increase the costs of the other co buyer.
So, you know the basics and now you are probably wondering where to find your “home bae”( the term coined by HSBC). Well, simple. You can find your homebae at any bi weekly homebae events being run in London. Simply reserve your tickets, put your best suit on and get ready to impress or much easier you can simply atch with potential co-buyers on the Huuti app.
What you should look for in your homebae?
A study carried out by HSBC revealed the top qualities most Brits would look for in their home bae. These included:
- Pays the bill on time
- Is clean and tidy
- Keeps the bathroom clean
- Does not have body odour
- Is open to compromise
If you have at least met these initial 5 requirements then we are sure you can find a homebae and will be happy to assist you further.