can pool their resources together to raise the necessary deposit, and if done correctly it could become the mainstream alternative to years and years of saving. The mate’s rates scheme can also provide a boost to what is still a struggling United Kingdom housing market that now has “thirtysomethings” as the average age for first-time buyers. Mr Shapps said
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.”
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