Joint Mortgage With Friend
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Joint Mortgage With Friend
Paul Collinson explains how a joint mortgage with a friend works.
Can I have a joint mortgage with a friend? How does this work?
Yes, you can have a joint mortgage with a friend. It works much the same as a normal mortgage for a couple.
What deposit do you need for a joint mortgage with a friend? How much can we borrow?
Most lenders would need a 5% deposit, but you can get one with zero deposit as we speak today in August 2025. The criteria for those is quite tight – they may look at your current outgoings as a whole, especially your rent. They normally lend a lot less, too.
In terms of what you can borrow, it’s better to look at the 5% deposit minimum. With a higher deposit, the lender’s calculations are sometimes more lenient. A 10% or 15% deposit could mean you can borrow a little bit more.
We deal with nearly 100 lenders, so we would look at all the affordability calculators and check the maximum for you based on your income and commitments. Then we’ll be able to ascertain exactly what you can borrow to give you a clear answer.
What are the eligibility criteria I need to meet for a joint mortgage with a friend?
It’s much the same as with a partner. Your credit needs to be good enough and the joint income must be at the level needed to borrow what’s required.
Does a joint mortgage have to be split 50-50?
No, although that’s the normal way of doing things. It’s called joint tenancy when it’s split 50-50. You can also get something called tenants in common, where each person can own a certain share. You can pick your share sizes with that.
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Can one person sell a house with a joint mortgage?
Not if you’re both on the deeds. Selling would have to be agreed by both parties, unless it’s a joint mortgage where the second person is not on the deeds – such as a Joint Borrower Sole Proprietor mortgage.
The person or people named on the deeds will have a say on selling the property, but someone not on the deeds won’t have any legal influence.
Can you get a joint Buy to Let mortgage with a friend?
Yes, you can, and it works the same as with a residential mortgage.
How does remortgaging a joint mortgage with a friend work?
It’s the same as remortgaging as a couple. We contact you towards the end of your fixed rate period and search for the most suitable deals for you. Then we’ll proceed as normal.
What is the maximum age for joint mortgage with a friend?
On most mortgages lenders will use your income up until the age of 70. A couple of lenders would go to the age of 80 at the end of the mortgage term.
What happens if you have a joint mortgage with a friend and one person dies?
With the normal 50-50, joint tenancy we mentioned, both owners have equal rights on the whole property. If one of them dies, their share automatically passes to the other owner.
With tenants in common, where you have a certain amount of shares each, upon death someone’s share would be passed on through a Will.
Is getting a joint mortgage with a friend a good idea? What are the advantages and disadvantages?
It can be a good idea. The advantage is that you get increased borrowing power where two people combine their incomes and deposits. Obviously, that’s a good thing.
The main disadvantage is that if one owner stops paying, the other owner will be liable for the whole mortgage payment. You are both joint and severally liable for the mortgage payment – even if one of you loses their job.
Another disadvantage could be disagreement about whether to sell the property. There’s also the risk that one of you dies, as we just discussed.
How do you apply for a joint mortgage with a friend? What’s the process?
As per normal – you come to us, we find out your requirements and your situation, then we’ll search for the most suitable deal based on those. If you’re happy, we’ll take details of your income, proof of address and ID documents, and then proceed to apply for the mortgage for you.
How can a mortgage broker help here? Anything you’d like to add?
I think we’ve covered everything. You just contact us here and we’ll run through everything with you. We’ll find out all the details and guide you through to the day you get the keys and move in.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.