Consumers were warned in recent days of the potential perils of entering into a joint mortgage with someone they did not know very well by an independent financial adviser.
In news that may interest those looking to buy a house in Scotland, Peter O’Donovan, mortgage manager at Bestinvest, stated that a joint mortgage would provide individuals with more borrowing power than two single applicants.
However, he stated that there is "no protection" that consumers can take out when they enter into such a commitment, stating that the practice is "extremely risky".
Mr O’Donovan added that there is always a chance that co-buyers will fall out, or circumstances will alter for one individual before they do for the other.
"If you buy a house with someone and you don’t know their credit record, that’s even worse because you are jointly and solely liable for that mortgage. If the other person stops paying you have to continue," he concludes.
According to the latest Bank of Scotland quarterly house price index, the most expensive place to buy a house in Scotland is currently Edinburgh, where the average house price is £228,212.