Joint mortgages 'still risky'

Bestinvest has said that although joint mortgages have not been badly affected by the credit crunch, they still represent a sizeable gamble for borrowers looking to get onto the property ladder.

The independent financial advisory firm has said that it is only 100 per cent plus mortgages that have been altered in light of the crunch, but cautioned against using a co-buying website.

Even those strangers who appear to be safe bets on the surface may ultimately prove to be the complete opposite, Bestinvest has warned.

"If you don't know the person you are buying with you could find yourself in all sorts of problems. Even if someone has a good credit record and seems on the outset fine, once you get in the house, they could be different," said Bestinvest mortgage manager Peter O'Donovan.

"If you buy a house with someone and you don’t know their credit record, that’s even worse because you are jointly and solely liable for that mortgage. If the other person stops paying you have to continue," Mr O'Donovan added.

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