Should you get a joint mortgage to buy a house with a friend?

Quick points:

• Buying a house with a friend is a big commitment. You will both be responsible, financially.

• There are different types of joint mortgages. Talk it through with an expert mortgage advisor to understand your options.

• Work with a legal team to protect your finances.

With the average house price sitting at £271,188, it’s no wonder that more first-time buyers are finding creative ways to get keys to their own place. And often, that means teaming up: buying a house with a friend. You get your own place, a trusted flatmate, and shared costs. 

But, before you start shopping for sofas together, here's what getting a joint mortgage with a friend could look like.

Can you get a joint mortgage with a friend?

Joint mortgages have, perhaps unfairly, traditionally been reserved for working couples in a relationship pooling their finances to build a future together. While getting a joint mortgage

with a friend is a fairly new concept, more Millennials and Gen Z are waiting longer to get

married, with many choosing to stay child-free, and they don’t necessarily want anything to stall them getting onto the property ladder.

Now more than ever, friends and siblings are joining forces to get their foot on the first rung of homeownership. In fact, here at Mojo Mortgages, we’ve seen a 53% increase in joint mortgage applications since 2023.

To buy a house with your friend, you can get a joint mortgage – just like you can with a partner or family member. A joint mortgage allows multiple people to split monthly payments, with lenders considering credit scores, financial histories, income, and debt to determine the size of the loan.

Are there benefits to buying a house with a friend?

To name a few: living with someone you like and trust. Divvying up the chores. Catching up over homemade brunch on Sunday morning. That’s all before you have someone to split the mortgage and expenses with.

Living with a friend is a great option for many. But buying a house with a friend is a larger commitment, and it comes with the added benefits of:

• Shared deposit

• Shared initial costs

• Split mortgage and household expenses

• Increased affordability (if using both incomes)

• Shared maintenance and upkeep expenses

• Formal deed and agreement in place (this is where joint owners draw up a deed that means disputes are more easily solved)

When you consider that it could take a solo buyer 7 years and 3 months to save for a 15% deposit, buying a property with someone can speed this process up.

While, of course, there are many benefits to buying a house with friends, you should consider the long-term commitment. Discuss what you both want out of the property and how you will go about planning for future events, for example, if your friend wants to buy a bigger house in five years or live alone. Here, legal guidance and talking to a mortgage advisor may help you be clear on future financial implications. 

Should I buy a house with a friend?

If you’re considering going in on a house together, strike up the conversation early on. It’s a big commitment – as in the eyes of the lender, you’ll both be liable for the mortgage. That means both of you need to meet the monthly repayments.

That being said, it’s a good idea to hammer out the financials before scrolling for homes for sale. Ask questions: is your friend good with money? Do they fall behind on bills? Will you split monthly household expenses? The lender will be checking all of your finances too, but it’s a good idea to get on the same page ahead of time.

If you’re both committed to the immediate and ongoing expenses of a mortgage, you may want to take it to the next step.

How to get a joint mortgage with a friend

You’ve decided to buy a house with your friend and you’re both happy with the finances. The next step is finding a mortgage. Having a mortgage broker on hand can help you land the right deal. And just so you know, our mortgage advisors are experts, and will scour thousands of mortgages from 60+ lenders. It’s a dedicated, tailored service, completely free for you, and is easy to get started.

Once you’ve landed on a mortgage deal, we’ll handle the paperwork and chase solicitors so you have more time to focus on your move. And if you need insurance to go with your new financial commitment, we can help with that too.

Can I protect the cash I put into a joint mortgage?

Generally, it’s a good idea to draft a legal agreement that formalises the ownership structure.

And that includes protecting everyone’s share of the money. It’s an extra step in the process, but your future self will thank you for protecting finances, should the worst happen.

There are three different types of mortgages: a tenant in common, joint tenants, and a transfer of equity. A Declaration of Trust will outline the terms of either type of agreement, as well as who owns and pays for the mortgage split, any sale agreements, and how proceeds are divided.

No matter how close a friendship you have, it’s well worth drawing up a cohabitation agreement as insurance against possible disputes. Friendships have failed over far less. The agreement will cover the deposits paid by each party, mortgage repayments required, house rules, shared items, and agreed policies for a range of circumstances. A legal advisor will be able to help with this.

It’s also important that you both have a will, testament, and life insurance policy. Keep a record of the costs you both incur, from deposits to bills and maintenance costs, too.

Reliable, trusted mortgage advice

Whether you’re buying a house with your bestie or helping a child to get onto the property ladder, we can help you find the right mortgage deal. With honest advice from the experts, we’re with you at each step – all the way until you sign on the dotted line. And when you need to remortgage down the line? We’re here for that too.

*All data taken from Mojo Mortgages’ own records, covering 1 January 2023 to 31 December 2025.