PodProperty – the free service that provides the legal and financial assistance to allow a group of people to buy one property together – is now offering to help struggling mortgage holders try the co-ownership model to ease the financial burden.
The service helps home owners re-size or sell down part of an investment to get their mortgage back under control
PodProperty director, Jonathan Stambolis says “In the slide towards repossession, most people feel so overwhelmed that they completely overlook the lifelines that could, in many cases, save them from losing their investment. But the reality is that with the number of people on the look out for a part-share in an investment property, there are opportunities all around them to lessen the strain of an oversized mortgage.”
“We are now seeing an increasing number of people asking for help in selling down part of their investment to a friend, family member or others to lighten the weight of mortgages they can no longer afford and avoid repossession,” he said.
And the service isn’t just for those struggling with their finances claims Managing Director of property and research investment firm Braxton Chase, Andrew Donnelly.
“We are seeing more and more people turn to a co-ownership model right from the start to avoid difficulties in servicing their mortgage down the track. Many people who are not necessarily distressed also consider selling down part of an investment just to free up their borrowing capacity. It enables them to retain part of their investment, but also to crystallise some of the gains they have made which they can then use to fund their next purchase,” he said.