Joint mortgages

Buying property with other people

Buying with your partner, family or friends can make sense, so long as you weigh up the benefits and risks of taking out a joint mortgage with others.

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

Before you apply for a mortgage

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 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 with your family as guarantor

You can apply for a joint mortgage with members of your family through our Family Affordability Plan. This option 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. 

Your next steps

Work out how much you could afford to borrow with our mortgage calculators and see what your monthly payments might be. 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.

Mortgage calculator

Work out your mortgage budget

See how much you could borrow and work out what your monthly payments might be with our mortgage calculators.

Agreement in Principle for a mortgage

Take the first step to your mortgage with an AiP

Start an Agreement in Principle (AiP)  to find out quickly if you could borrow the amount you need – without affecting your credit score.

Your mortgage appointment

How to prepare for your discussion

Find out which documents you'll need, get a preview of what we’ll discuss with you and discover what happens after your appointment.

More ways to buy your home

Family Springboard Mortgage

Buy your home without a borrower deposit

Buy a home without a borrower deposit if your family or loved ones can provide 10% of the property’s price as security.

Help to Buy Equity Loan scheme

Top up your deposit with an equity loan

With a Help to Buy Equity Loan, you can add to your deposit on a new-build property, whether you’re a first-time buyer or moving home.

Shared ownership

Buy a share of a home and pay rent on the rest

Buying a home through shared ownership means you can apply for a smaller mortgage amount – so your deposit could be lower, too.

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