Letsbuyahouse2gether Gives Young Co-buyers their First Step on to the UK Property Ladder This site has been launched by Bath-based mother of two, Annette Martin, to help young people and first time buyers make that difficult first step on to the UK property ladder.

With almost a third of mortgage applicants turned down between March and October 2007*, because of the recent 'credit crunch', first time buyers are facing difficult territory on their own and the idea of co-buying is especially attractive. Annette Martin came up with the idea for Letsbuyahouse2gether because her son didn't have sufficient funds to make an offer on a property. As he was renting a house with a group of peers, Ms Martin thought: "Why shouldn't they invest in a property together and pay the mortgage?" She says: "Young people can't really lose out by co-buying. There's not much difference between paying rent and a mortgage – except that the mortgage often costs less per month when spread between multiple people. And the big benefit is that you own a property, rather than just pouring money down the drain on rent and funding the activities of a landlord." She adds: "Many youngsters are responsible enough to pay a mortgage, so why not buy together and sell the property in a few years time at a profit? The resulting equity can then be used so that each individual can make their next step up the ladder."

Annette has teamed up with web designer, James Burfield, to create a website that matches co-buyers nationwide. The duo is also working with Mogers Solicitors, who are dealing with legal questions buyers may need to ask.

Meanwhile, Bath Building Society is advising co-buyers on mortgages and how to start an application. Annette says: "We're hoping that Letsbuyahouse2gether will give young people the necessary courage to take the plunge. Many co-buyers may be able to secure a property locally, near their parents and friends, instead of being forced to move to cheaper and less desirable areas." Letsbuyahouse2gether is also suitable for couples and divorcees, who may wish to team up in a strategic co-buy.

The site hopes to match-make people who are seeking the same type of property in a particular geographic area, and then 'hold their hand' throughout the whole process.