Joint mortgages 'can benefit first-time buyers'

Joint mortgages can help first-time buyers take their first steps on the property ladder, according to advice from one loan provider.

Nationwide has suggested that joint mortgages carry advantages for those people looking to make the first move into the housing market.

As well as limiting the amount of stress that comes with buying a house, such products can often work out cheaper than standard mortgages.

"A joint mortgage is just one of a number of options for first-time buyers who are struggling to get on the housing market," said a spokesperson for Nationwide.

"Many lenders offer mortgages for friends who want to buy together, which can be a cheaper and less stressful way of getting started."

The advice from Nationwide follows research from Scottish Widows which revealed that 44 per cent of graduates have opted for joint mortgages in the past ten years.