Joint Mortgage with Friend
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Joint Mortgage with Friend
Can I have a joint mortgage with a friend? How does it work?
Yes, it’s possible – it depends upon how you want to buy the property. There are two main approaches: one is buying together and you both live in the property, while the second option is buying together but only one of you lives in the home.
The first example would involve a standard mortgage where you’re each 50-50 responsible. You’re both on the mortgage and you’re both liable. There are different ways to manage the legal ownership of the property.
You could have it as Joint Tenants, where you both own the property 50-50, or Tenants in Common where you specify what percentage of the property you each own.
If you choose the approach where only one of you lives in the property, that’s known as a Joint Borrower Sole Proprietor mortgage, which we’ve had conversations on before. More commonly, you would buy with a close family member rather than a friend, but some lenders accept a friend as the joint borrower.
What deposit do you need for a joint mortgage with a friend? How much can I borrow?
It comes back to how you’re looking to do that. As we speak today in September 2025, you could buy with as little as a 0% deposit. However, only a few lenders in the market offer that.
If you have a 5% deposit that will open up more options with other lenders – and potentially slightly better rates and deals.
In terms of how much you can borrow, on a standard mortgage with a small deposit, you can typically get a mortgage at around 4.5 times your income, but it is always subject to affordability.
On a Joint Borrower Sole Proprietor mortgage, the income multiples are similar. It’s always best to have a conversation with us, so we can do some research and confirm.
What eligibility criteria do I need to meet for a joint mortgage with a friend?
On a standard mortgage you’re looking at normal criteria. With Joint Borrower Sole Proprietor, we’re a bit more limited in lenders when buying with a friend.
If, perhaps, your income isn’t considered standard, things may not be so straightforward. Again, it’s always best to have a conversation and for us to research what’s possible.
Does a joint mortgage have to be split 50-50?
It comes back to that question of how you’re looking to buy the property from the legal side. Anyone named on the mortgage will be liable for the payment, which is the key point.
Even if one person is making all the payments, if they stop the other person named on the mortgage will be liable for the whole payment.
You can agree how to make those payments between you, so it doesn’t necessarily have to be 50-50. One could pay 80% and the other 20%. But just bear in mind that you both are liable for the mortgage if you’re named on it.
Can one person sell a house with a joint mortgage?
It depends upon how they’re looking to do that. If you’re looking to sell and both people relinquish their share of the property, that would be a normal sale.
But if one person is looking to buy the other person out, it gets a little bit more technical. That’s typically known as a transfer of equity.
Circumstances in life do change. Perhaps you buy with a friend and that person wants out, but you have another friend who wants in – you can transfer to remove one person and add the other on.
Whenever you’re making these changes, it’s important to consider affordability. If one person does want to come off the mortgage, the other person needs to be able to afford the mortgage in their own right.
Can you get a joint Buy to Let mortgage with a friend?
Definitely. Again, it depends on how you’re looking at doing it. Buy to Let mortgages can be a little more complex, especially if you buy through a limited company as that adds more layers in.
But if you’re looking to buy as an individual, there is a standard option to just buy it 50-50 with a friend – that’s quite straightforward. There are also Joint Borrower Sole Proprietor Buy to Let mortgages – although your lender choice in this area will be more limited.
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How does remortgaging a joint mortgage with a friend work?
If you just own the property 50-50, it should be straightforward. This would also be the best time to do the transfer of equity where you add or remove someone from the mortgage.
If you’re on a Joint Borrower Sole Proprietor or looking to bring in a joint borrower, there are options. It would be best to chat through those and explore exactly what you’re looking to do – then we would go off and do the research.
You could also remortgage to remove the Joint Borrower Sole Proprietor and switch to a standard mortgage.
What is the maximum age for a joint mortgage with a friend?
With people living longer and taking mortgages over longer terms, the typical limit is now around age 70 or 75, depending upon whether you’re paying into a pension.
When buying with a friend, there could be an age gap between you. If necessary, some lenders could go higher than age 75, but would start looking at pension income rather than current salary.
Again, it’s worth investigating and chatting this through, but there are potential limits in terms of what you can afford – typically a pension isn’t as big as your current income.
What happens if you have a joint mortgage with a friend and the other person dies?
It’s not nice to talk about, but it’s an important thing to discuss. It comes back to how you own the property, whether that’s Joint Tenants or Tenants in Common.
If you own the property 50-50 as Joint Tenants and someone dies, their share goes over to the other owner. If it’s Tenants in Common, your percentages could change, and each owner can leave their share to whoever they choose in their Will.
It’s always important to have that conversation with a solicitor and get advice. It could open up other topics, such as life assurance or critical illness cover to cover the other person’s share if those things were to happen.
Is getting a joint mortgage with a friend a good idea? What are the advantages and disadvantages?
The main advantage is affordability. Obviously, a second income – or potentially a third or fourth income – can increase the amount you can borrow. You could more easily achieve the property you want, or even skip a step – instead of buying a flat, perhaps you can buy a house instead.
The disadvantage is being tied in. If you buy with a friend, circumstances can change. Typically younger people buy with a friend because of the affordability benefits. If one of you then ends up in a relationship and wants to move on, you might need to buy the other person out – or sell the property if the affordability is not there.
There can also be mortgage penalties, further stamp duty or other costs. It’s really important to take that into consideration.
With the Joint Borrower Sole Proprietor approach, where one person is not living in the property, it could affect their own borrowing potential. It’s really important for the joint borrower to understand the implications of joining that mortgage.
How do you apply for a joint mortgage with a friend?
It’s the standard mortgage process. We have an initial conversation with you to explore all parties’ circumstances, agree on some scenarios and then do some research, coming back to you with the options based upon your goals and objectives.
We get you a Decision in Principle, which is essentially a credit search, to give you confidence that your goals are achievable. Once you’ve found a property, we enter the normal mortgage application process, where you provide documents for underwriting and then get a valuation on the property.
Assuming they’re all acceptable, it would go to a full mortgage offer and over to the legal side. That’s where you can talk about the options of Tenants in Common or Joint Tenants.
What else do we need to know about getting a joint mortgage with a friend?
Everyone’s circumstances are different and it’s definitely worth having a conversation. A mortgage broker can offer different levels of advice, depending on whether it’s a Joint Borrower Sole Proprietor mortgage or a standard mortgage.
Not all lenders offer Joint Borrower Sole Proprietor mortgages – and it may not be a high street brand you’ve heard of. We may need a more specialist bank to get the right option for you. An independent advisor can explore the majority of lenders out there to find one to suit your circumstances.
From a personal point of view, when I bought my first property I did actually buy with a friend, and it was quite successful. We both ended up in a good position, so I can share my personal insights on that with you too.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.
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What you need to know…
The actual amount you can borrow will depend on your credit commitments, your regular monthly outgoings and how each lender assesses your income.
Lender’s affordability checks can differ meaning that the amount you can borrow may change from lender to lender. That’s where the expertise of our personal advisers comes in and where our independent status benefits you.
The minimum deposit required is 5% of the property purchase price. Most lenders will allow the deposit to come from a gift and some lenders will even consider this being raised via a personal loan. There are government incentives to help boost your savings if you are a first time buyer. Depending on your circumstance you may either need to have a larger deposit or will perhaps want to put a larger deposit down, due to preferable interest rates.
Because we are independent mortgage brokers we will be able to secure you the best deal for your circumstance.
An Agreement in Principle, also known as a ‘Decision in Principle’ will be provided after affordability and credit checks have been approved. An Agreement in Principle is extremely useful to increase your confidence when viewing and offering on properties. Estate Agents will typically want to see an Agreement in Principle before presenting your offer to the seller. Our personal advisers can help you with this.
It’s a requirement of your mortgage to have buildings insurance. This covers the bricks and mortar of the property.
It’s also a good idea to take advice from your personal adviser on protecting you and your loved ones if something bad happens. For example: Life Cover, Critical Illness Cover and Income Protection.
Being accepted for a mortgage does depend on your circumstances. We are experts with all types of mortgages…. We specialise in obtaining mortgages for the self-employed, contractors, construction industry scheme (CIS) workers and those with historic adverse credit (as well as employed people of course). In all these situations we can frequently secure high street deals. Being independent and experts is a real benefit in these circumstances.
Your monthly payments will vary depending to your chosen mortgage term, choice of mortgage product, how much deposit you have and repayment type. It is best to chat with a personal independent adviser to find out exactly what interest rate and term you can secure to give an accurate monthly payment.
Most of the first time buyers we have helped secure a mortgage are paying less on their mortgage than they used to pay on rent. This does, however, depend on circumstances. The mortgage term chosen is a major factor which can be dictated by your age and intended retirement age. Of course, it is also worth noting you are paying back the mortgage and once it is repaid you won’t have any rent to pay.
There are costs associated with purchasing your first home. You will need to pay legal fees and other potential costs include a survey fee, stamp duty (which is a property land tax) and administration fees. There are First Time Buyer government incentives on savings and stamp duty that can help you with raising the monies for a deposit, costs and reducing stamp duty. Our personal advisers can give guidance within a free consultation.