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Tuesday, 27 November 2007

A friend in need


According to research from Scottish Widows Bank (disclosure - they are a client of ours) the number of people clubbing together to buy their first home is on the rise. According to the research more women are buying property with a friend than men - linked to both lower average earnings than men and a more open attitude to this solution possibly.

However the most worrying aspect of this development is that two thirds of the people who use this approach CANNOT afford to buy out the other person should things change. At first I was quite alarmed at this but then I considered that in any partnership one person is likely to out earn the other.

So, as the saying goes, if you cannot choose your family make sure you choose wealthy friends.

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