THE rising cost of living and high interest rates are challenging consumers, and many are looking at alternative ways to buy property. One solution when a house or apartment is just too expensive is for friends, family or business partners to do it together.
FNB says collective mortgage bond applications have been increasing sharply – with collective loans increasing 36% in the six months to end December 2023 compared to 2022, according to its latest interim results.
Mfundo Mabaso, head of growth at FNB Home and Structured Lending, says co-ownership of property and banking products to cater for this demand is not a new concept. – moneyweb.co.za