Joint and guarantor mortgages

Buying property with other people

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

What’s a joint mortgage?

A joint mortgage is when you apply to borrow money to buy a home with someone else, like your partner, a friend or a relative. Everyone who applies will have to meet our lending criteria, and they’ll be jointly liable for the mortgage payments. This means that if one you is unable to pay your share of the monthly mortgage payment, the other person has to pay the whole amount. All applicants will have a legal claim to ownership of the property.

Can I get a mortgage with a guarantor?

No, but you can ask us about applying for a joint-borrower, sole-proprietor mortgage. This means that you can apply with someone who’s willing to accept joint responsibility for making mortgage payments without having a legal claim to the property. This differs from a guarantor mortgage, as guarantors only become liable for the debt if the mortgage applicant can’t make them at all. Both you and the non-proprietor applicant will need to show that you can afford the mortgage payments.

What does being joint tenants or tenants in common mean?

When you buy a property with other people using a joint mortgage, you need to choose how your ownership of the property is defined legally. Here’s an outline of your options, but you should consider getting legal advice before making any decisions if you’re in this situation.

Joint tenants. This option might 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 might be suitable if you’re 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 whether you need to set up a deed of trust, which sets out how much of the property each tenant owns. This helps you avoid any misunderstandings or problems if you later part and sell the property.

How to apply

Use our calculators to see how much you could afford to borrow, get an Agreement in Principle to see if we could lend what you need and find out how to prepare for your mortgage appointment.

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You can no longer apply for the government’s Help to Buy scheme

You can no longer access the equity loan from Homes England, and you won’t be able to complete using a Help to Buy: Equity Loan mortgage. Find out more about the scheme here: www.gov.uk/help-to-buy-equity-loan 

If you have any questions about your mortgage offer, please contact your mortgage advisor or broker for more information.

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Start your adventure

Expert tips and guides to help you prepare as you set off on the path towards your first home.

Need some help?

Call us

0333 202 7580

Our mortgage experts are available Monday to Friday from 7am to 8pm, and from 7am to 5pm at weekends. To maintain a quality service, we may monitor or record phone calls. Call charges.

You can also check our full mortgage range [PDF, 286KB] to see if our other mortgages are suitable for you, download our tariff of mortgage charges [PDF, 265KB] and read our legal information.