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Joint mortgages

A guide to buying with other people

Taking out a joint mortgage with your partner, family or friends could help you afford to take that first big step on to the property ladder. But it’s important that everyone understands the benefits, obligations and risks involved in buying a property together.

  • What you should consider before you apply
  • The different ways to buy together
  • Working out your finances and costs

Your home may be repossessed if you do not keep up repayments on your mortgage.

Before you apply

When you set out to buy a home, it’s understandable that your mind is set on all the good things you’ve got to look forward to. But a mortgage is the most significant financial commitment you’re likely to make, so you need to think about the things that could change in your life, or in the life of the other mortgage holders, before you take on a joint mortgage.

You should also bear in mind that all of the mortgage holders will need to meet our lending criteria, even though we’ll only consider the income of 2 applicants. This means that we’ll look at everyone’s circumstances and finances, including their credit score, debts, commitments and regular spending. And you’ll all be jointly liable for the mortgage repayments – so if one of you can’t pay, the others will need to make up the full amount.

Property ownership options

When you buy a property with other people, you need to choose how it’s going to be owned – this is usually as joint tenants or as tenants in common. You can also enter into a joint mortgage with your parents where they act as guarantor – you’ll find more on this further down the page.

Joint tenants

This option may be suitable if you’re married or in a long-term relationship with the person you’re buying with. It means you each:

  • Have equal rights to the property
  • Can claim an equal share in any profit made if the home is sold
  • Will automatically inherit the property if the other person dies

Tenants in common

This option may be suitable for people who are teaming up with friends or family members to buy a home. It means you:

  • Can each own a different share of the property
  • Won’t automatically inherit the property if the other tenants die
  • Can choose who to leave your share to in your will

If you choose to be tenants in common, you should consider asking your solicitor to set up a deed of trust.

Buying through our Family Affordability Plan

Through our Family Affordability Plan you can apply for a joint mortgage with members of your family, which could enable you to afford a larger mortgage and access a wider range of mortgage deals. You’ll have full ownership of the property, and your family members won’t be liable for Stamp Duty.

Both you and your parents will be responsible for all mortgage repayments and charges, so you’ll all need to demonstrate that you can afford the repayments. Your parents will also need to show us that they’ve taken independent legal and tax advice, so they understand the risks involved.

If your circumstances change and you can afford the repayments on your own, you can remortgage and release your parents from the joint mortgage.

How to apply

Our mortgage calculator can help you work out how much you can afford to borrow. You can then complete an Agreement in Principle (AiP) to find out whether we’d be able to lend the amount you need – without affecting your credit score. If we can, the next step is to make an appointment with an adviser to apply for a mortgage.

Need some help?

You can talk to us about our mortgages online, in branch or over the phone at a time that suits you.

Call us on 0800 197 10811

More ways to buy your home

Family Springboard

A way for families to help you get on or move up the property ladder – without spending their savings 2.

Help to Buy Equity Loan

By adding an equity loan to your 5% deposit you can apply for a smaller mortgage and choose from a wider range of deals.

Shared ownership

Buying a share of a home with a housing association means you can apply for a smaller mortgage amount.

Important information

Subject to status and availability. You must be 18 years old or over to apply for a mortgage.

1. Lines are open all day, every day – except during Bank Holidays and Christmas period, when lines may be closed at off-peak times. Call charges

2. Your family’s deposit may be forfeited if you don’t keep up repayments on your mortgage.