House share mortgage gives young professionals a foot up the ladder

Called Share to Buy, the new loan product is targeted at first-time buyers, particularly in London and the south-east, who do not have the earnings to buy the average property – now priced at around a quarter of a million pounds – and allows up to four professionals to buy a house with up to three times each of their salaries. This means graduates working in London and earning around £18,000 each could then afford to buy a property between them worth up to £240,000 if they raise a combined deposit of 10%. Purchase of a property would then cost each person £326.79 per month on each £54...