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Can I buy a house with a family member or friend?

Can I buy a house with a family member or friend?

Can I buy a house with a family member or a friend?

When it comes to thinking about buying a house, most of us probably think it’s something only married couples, or people in committed relationships, can do. But this just isn’t the case. There are lots of other people wanting to get on the property ladder, but with the rising UK house prices, it can sometimes be too difficult to afford to buy a home by yourself. That’s why we’ve put together this article together, so that you can get a little more insight into another avenue that could make buying your dream home that much more achievable.

So, who else could I buy with?

Although a lot of people tend to buy houses with their significant others, this isn’t the only option when applying for mortgages. Many first time buyers are starting to buy houses with either friends or family members if they can’t afford the cost of a mortgage by themselves- this is called a joint mortgage. As long as both parties take on the financial responsibilities, you can co-own a house with anyone from your sister, brother, or parents, to any of your friends.

Now, there are many benefits to co-owning a home, but as with any monetary transaction, there could be risks involved. Below we will discuss the pros and cons of buying a house with family members or friends, and things to consider before doing so.

The pros

The most obvious benefit that probably comes to mind is actually being able to get on the property ladder- no more waiting, you can finally buy that house you’ve dreamed of! But there are also other benefits that you might not have considered.

  1. Shared deposit- buying a house with another party means that you can split the deposit between the two of you, meaning that you won’t have to spend as long saving. Not only this, but by having two incomes, you’ll be more favourable with lenders.
  2. You can split the cost of owning your home- not only will you and the person you decide to buy with split the cost of mortgage payments and such fees, but you can also share the cost of day-to-day bills such as utility and shopping. Being able to split the cost of some of the smaller bills can help to balance out the bigger expenses of owning a home.

The cons

Although the prospect of sharing a house with your best friend or sibling is no doubt exciting, there are some important things to consider before making any final decisions.

  1. Both parties are responsible for repayments- one of the pitfalls of a joint mortgage is that both people are responsible for paying the mortgage. Even if you still keep on top of your repayments, if the other party doesn’t, or is unable to, this can still reflect back negatively on you, and could even impact your credit score.
  2. It’s harder to walk away when you co-own- unlike if you take a mortgage out by yourself, if you take one out with a friend or family member, they’re reliant on your contributions in order to be able to keep up with the mortgage repayment. Although one party could buy the other party out, the individual may still be unable to keep up with repayments and so the likelihood of you being able to walk away is slim.
  3. You need to think about ownership and legal responsibilities- you have to consider things such as being Joint Tenants- this is where, in the event that one party dies, their ownership of the home is passed onto you- or Tenants in Common which leaves the departed party’s share of the home to someone in the will, rather than the other person who has shares in the home. If this happens, you could end up living with someone who you don’t know, or someone you’re not comfortable sharing a house with.


Getting a house can be exciting but also very stressful- not only do you need to save up to be able to afford a mortgage, but you also have to find the perfect home, and consider just who you trust enough to buy a home with. But buying a house should be enjoyable- that’s why we’re here to offer you guidance with any questions you may have. So get in touch with a member of our team and we can offer you advice and support with all things mortgages.

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Our extensive knowledge and experience, along with our access to a comprehensive range of mortgage products across the UK, including access to exclusive deals, enables us to find the most suitable mortgage for you and your circumstances. We want to help you buy your new home and make the process as simple as possible.

As Specialist New Build Mortgage Advisers, we can find the most suitable mortgage for you. Meridian has been helping our customers buy their dream homes for over 25 years.


Because we play by the book we want to tell you that…

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1%, but a typical fee is £99.

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