Buying With a Friend
Buying a House With a Friend or Family Member
Teaming up with a friend, sibling or parent can make buying more affordable. But a joint mortgage means joint responsibility. Here is how it works and what to agree before you buy.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
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How It Works
Two Incomes Can Mean a Bigger Budget
Many lenders let two or more people buy together. Each person is responsible for the whole mortgage, not just their share.
- ✓Joint and several: the lender can ask any of you for the full payment
- ✓Credit links: a joint mortgage links your credit files
- ✓Title: your solicitor will set out how you own the property
- ✓Agreement: put in writing what happens if someone wants out
How We Help
How to Buy Together
Five things to sort first.
Talk Openly
Budgets, plans and what happens if someone moves on.
Check Affordability
Lenders look at both incomes and both credit files.
Agree the Shares
Who puts in what deposit and who owns what share.
Get It in Writing
A written agreement prepared by a solicitor protects everyone.
Protect Each Other
Life insurance can make sure the other person can keep the home.
Things to Consider
Before You Buy Together
Plan for the good times and the bad.
Parent and Child
Some lenders allow a parent on the mortgage without being on the title.
Book a Chat →Common Questions
Buying Together Questions, Answered
The things people ask us most.
Can I buy a house with a friend?
Yes. Many lenders offer joint mortgages to friends, siblings and family members.
How many people can be on a mortgage?
Usually up to two, but some lenders allow up to four.
What happens if one of us wants to sell?
It depends on your agreement. One person may buy the other out, or you may need to sell.
Is it a good idea to buy with a friend?
It can be, if you plan properly and agree everything in writing first.
Can we own different shares?
Yes. Your solicitor can set this out when you buy.
Will their credit affect mine?
A joint mortgage links your credit files, so it is worth checking each other's history first.
Related guides
- Family support and guarantor mortgages
- Buying a house in Scotland step by step
- How much can I borrow?
- Do I need life insurance with a mortgage?
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Thinking of Buying Together?
Fill in the form and we will be in touch within one working day. We will look at both your situations and tell you what you could borrow together.