GetAgent analysed the current cost of homeownership from the initial deposit, mortgage borrowing potential based on current earnings, as well as the ongoing cost of a mortgage repayment and the cost of maintaining a property, to reveal just how much can be saved when purchasing a property with a partner.
The average cost of a 20% deposit in today’s market still sits just under £60,000 - meaning that coupling up and splitting the cost will reduce the size of a buyer's personal deposit payment by £29,491.
Additionally, buying together drastically improves affordability - and the value of the property borrowers can afford. At 4.5 times income, the average person can currently secure a mortgage to the tune of £150,309. However, when combined with their partner’s income, this climbs to £267,216 at 4 times the combined income, boosting their property purchasing power by £116,907.
Once you’ve made it onto the ladder, splitting the cost of your ongoing mortgage repayments can also save you a significant amount. With the average monthly mortgage repayment coming in at £1,290, going halves will reduce this monthly cost by £645 per month - a reduction of £7,740 per year.
Then there’s the cost of running and maintaining your property, which averages £5,897 per year for the average homeowners, meaning couples can reduce their individual outgoings by a further £2,949 per year.
Co-founder and CEO of GetAgent.co.uk, Colby Short commented:
“The cost of homeownership has spiralled in recent years and today, many homebuyers simply wouldn’t be able to climb the property ladder if they were forced to tackle this monumental task alone.
"By coupling up in the property market, you can not only accumulate your required mortgage deposit at a quicker rate, but the sum you will be eligible to borrow will also increase, allowing you to buy bigger and better than you may have otherwise been able to.
"Once you have snagged your dream home, the additional help of a significant other will reduce the ongoing personal cost of homeownership by almost £11,000 a year.
"That said, we certainly don’t suggest you look for love this Valentine’s Day purely to boost your property purchasing potential.”
