Joint mortgage with a friend for first-time buyers

Buying with someone you trust can make homeownership feel more achievable—especially when you’re trying to balance deposit savings, moving costs and the day-to-day realities of renting.

A joint mortgage with a friend is one route to buy together. It lets you share mortgage payments and household costs, while the lender assesses whether each applicant can afford the commitment.

This guide explains how joint mortgages work in practice, the key legal and financial considerations for friends, and the planning points that can help reduce uncertainty later.

For a broader guide to joint mortgages generally—including partners, family members, borrowing capacity and stamp duty—see Joint mortgages for first-time buyers.

What is a joint mortgage?

A joint mortgage is a mortgage taken out by two or more people. When you apply jointly, each borrower is treated as responsible for the mortgage repayments.

That means the decision isn’t only about whether the household can afford the payments—it’s also about whether each person on the application meets the lender’s affordability and risk checks.

Lenders typically consider factors such as:

Income and employment (including whether income is regular)
Credit history and existing financial commitments
Outgoings (for example, other loans, credit cards and day-to-day spending)
Deposit size and how it’s being used
The property being purchased

Can first-time buyers get a joint mortgage with a friend?

Yes. Joint mortgages aren’t limited to couples. Friends can apply together as long as:

each applicant meets the lender’s requirements, and
the overall application is affordable based on the combined information provided.

For first-time buyers, buying with a friend can be helpful when:

one person has a smaller deposit than they would need to buy alone
combining incomes improves the lender’s view of affordability
you want to buy sooner rather than waiting to save independently

Even when the plan feels straightforward, it’s important to remember that a joint mortgage is a shared financial commitment. If circumstances change, the mortgage remains in place.

Mortgage options when friends buy together

Joint mortgage (shared borrowing)

A joint mortgage is taken out by two or more borrowers who are all responsible for the repayments.

In most cases:

each borrower’s income and credit history are considered as part of the application
all borrowers are liable for the mortgage payments
the lender assesses affordability across the group, rather than treating each person as completely separate

The number of borrowers a lender will consider can vary by lender and product, so it’s important to confirm the maximum group size early in the process.

Multi-borrower mortgages (group applications)

Some lenders may offer options designed for three or more applicants on one mortgage.

This can suit groups where:

the deposit and affordability requirements are easier to meet together
you want one mortgage arrangement rather than separate loans

Because multi-borrower options can be more limited than standard two-borrower products, it’s often helpful to clarify your group size and structure early.

Joint borrower sole proprietor (JBSP)

A JBSP arrangement is where:

one person is the legal owner of the property (the “sole proprietor”)
one or more other people are on the mortgage and share responsibility for the debt

This structure is sometimes used where a friend (or family member) helps with affordability, but the longer-term plan is for the property to be owned by one person.

How a joint mortgage works in practice

A joint mortgage is similar to other residential mortgages, but with more people involved.

In most cases:

all applicants must agree to the mortgage terms
all applicants are responsible for the mortgage repayments
the lender assesses affordability using the information provided for each person

Because each borrower is financially linked to the mortgage, the application outcome can be affected by things like credit history, existing debts and employment stability across the whole group.

Ownership matters: how friends hold the property

When friends buy together, the legal ownership of the property is usually set out in the purchase documentation. Two common structures are:

Joint tenants

ownership is typically treated as equal
decisions about selling or remortgaging generally require agreement between the owners
if one party dies, the other may automatically inherit the whole interest (subject to the legal structure and circumstances)

Tenants in common

ownership shares can be different (for example, reflecting different deposit contributions)
it can be easier to reflect unequal financial input at the outset
shares can be dealt with according to the legal structure agreed at the time

Choosing between these structures is a legal decision, not a mortgage decision. Getting the ownership arrangement right from the start can help align the property with what you both intend.

Protecting your money: declarations of trust and agreements

When friends contribute different amounts—particularly deposits—it’s common to put formal paperwork in place to reduce uncertainty later.

A declaration of trust is often used to set out, in legal terms:

who owns what share of the property
how contributions are reflected
how proceeds are intended to be handled if the property is sold

Some buyers also use written agreements to clarify practical expectations, such as how mortgage payments and bills will be split, and what happens if one person wants to leave the arrangement.

Clear documentation can’t prevent every future issue, but it can reduce misunderstandings if plans change.

Declaration of trust

A declaration of trust sets out the intended ownership shares in legal terms.

It can help to:

document each person’s share of the property
support clarity if someone wants to sell their interest
reduce misunderstandings about “who owns what”

Co-ownership agreement

A co-ownership agreement is often used to cover practical expectations alongside the title arrangements.

It may address topics such as:

how household costs are shared
who pays for maintenance and repairs
how decisions are made if there’s disagreement
what happens if someone wants to exit the arrangement

A co-ownership agreement can’t prevent conflict, but it can make it easier to manage.

Benefits of buying with a friend

A joint purchase can offer advantages, including:

shared upfront costs (where deposit and buying costs are split)
shared monthly payments and household expenses
a potential affordability improvement if both incomes are considered by the lender
shared responsibility for upkeep and day-to-day running of the home
a more formal structure for expectations when ownership paperwork is completed properly

For many first-time buyers, the biggest benefit is often timing—buying together can reduce the pressure to save a full deposit alone.

Risks to understand before you apply

A joint mortgage can be a sensible plan, but it’s not a casual arrangement.

Key risks to consider include:

repayment responsibility is shared: if one person can’t pay their share, the other may still need to cover the mortgage
credit and financial behaviour can affect everyone: missed payments or financial problems can impact the mortgage position and future borrowing
relationship dynamics can change: disagreements about money, moving plans or future goals can become more stressful when tied to a property

Before applying, it helps to discuss what might happen in different scenarios, such as job changes, illness, one person wanting to move out, or major repairs and ongoing costs.

How lenders assess affordability for joint borrowers

Lenders generally assess affordability based on the information provided for each applicant. That means:

both people’s income and outgoings are relevant
existing debts and commitments can reduce the amount a lender is willing to offer
overall household affordability is considered alongside the mortgage payment

If one applicant has irregular income, significant debts, or limited credit history, it may affect the application outcome.

What to discuss with your friend before applying

A joint mortgage is as much about planning as it is about paperwork. Practical conversations can include:

how you’ll split mortgage payments and household bills
how you’ll handle missed payments or temporary financial difficulties
whether you’ll review the arrangement if incomes change
what happens if one person wants to leave the property or stop being on the mortgage
how you’ll manage major costs (repairs, renovations and any service charges)

The aim isn’t to predict every problem—it’s to make sure both parties understand responsibilities and likely next steps.

Choosing the right structure for your group

When friends buy together, the “best” setup depends on more than just how much you can borrow.

Consider how you want to handle:

repayments: who pays what each month, and how changes in income are managed
equity: whether ownership should reflect equal shares or proportional contributions
decision-making: what happens if someone wants to sell, remortgage, or make changes to the property
long-term intentions: whether the group expects to stay together for years, or whether an exit is possible

A clear plan at the start can reduce uncertainty later—especially if circumstances change.

Practical considerations before you apply

Before choosing a mortgage structure, it helps to align on the fundamentals:

who will be on the mortgage
who will be on the title
how ownership shares will be set and why
how repayments will be managed if someone’s income changes
what happens if someone wants to leave the arrangement

If you can agree these points early, you’re more likely to avoid costly misunderstandings later.

Choosing the right property when buying together

For first-time buyers, it can help to think beyond the move-in date and consider resale and day-to-day practicality.

When friends buy together, factors that may affect future flexibility include:

property type and general market demand
condition and likely repair needs
location and transport links
whether the layout suits different living arrangements over time

While no one can guarantee how quickly a property will sell, choosing a broadly appealing home can reduce friction if you need to move later.

Schemes that may be relevant (depending on circumstances)

Some government-backed routes can help reduce the upfront barrier to buying, but eligibility and suitability depend on the property and the buyers’ circumstances.

Examples that may be relevant in a shared purchase context include:

Shared Ownership: buying a share of a home and paying rent on the remainder
First Homes: new-build homes sold at a discount to eligible buyers

Whether these routes can work with friends depends on the specific rules that apply.

Alternatives to consider

Depending on your circumstances, you may also want to compare other ways to buy, such as:

buying with family members
buying with a partner
buying solo and using a different approach to manage the deposit

A mortgage broker can help you understand which route best matches your long-term plans and how you want to share ownership and responsibilities.

Summary: is a joint mortgage with a friend right for you?

A joint mortgage with a friend can help first-time buyers buy sooner, share costs and potentially improve affordability by combining incomes.

However, it also creates shared responsibility for repayments and requires careful planning—particularly around ownership structure and the legal documentation that reflects each person’s contribution.

If you’re considering buying together, aligning expectations early is essential: how you’ll split costs, what happens if circumstances change, and how the property will be owned and protected.