Mates mortgages

Pairing up with a friend to get on the property ladder is becoming an ever more popular move, and housing minister Greg Shapps will today urge lenders to offer specialist 'mates mortgages' to give a little helping hand.

Workers in their 20s earn on average £21,000, whereas the average home costs around £160,000. Meaning that only those on higher salaries or with family prepared to help can put a deposit down.

Shapps said: 'If there are mates who are perfectly capable of paying monthly mortgage payments but are struggling to fund a deposit of their own, there should be straightforward options to unite with their friends and take the first step on to the housing ladder together.'

The number of youngsters taking their first steps on the property ladder has plummeted, according to the Council of Mortgage Lenders. Research suggests that by 2025, the average age of young people buying their own home will be 40.

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