3 Person Mortgage
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3 Person Mortgage
Noel Redfern talks to us about a three-person mortgage.Approved by The Openwork Partnership on 12/06/2025.
Can you have a three-person mortgage? Can three people be on the same mortgage?
It’s absolutely possible. Many lenders are now offering joint mortgages, allowing three or even four people to be named as borrowers on a mortgage. It’s definitely possible with some lenders. The process generally involves a transfer of equity.
Can you get a mortgage with friends?
This is coming up more and more, actually. You can absolutely get a mortgage with friends, as long as all the applicants meet the lender’s criteria. All three will be jointly liable for the mortgage payments.
How do mortgages with three or more applicants work?
Essentially they’re the same as any other mortgage. Some lenders consider the totals of all of the incomes involved, which allows you to borrow a bit more and afford a better property.
What deposit do you need and how much can you borrow with three people on a mortgage?
Typically, the minimum deposit would be 5% of a property’s value. The amount you can borrow is generally based on that deposit and the applicants’ combined annual income. Lenders may calculate borrowing at around four and a half times the total, although this can vary.
What documents do you need with three people on the same mortgage?
We just require standard documents like ID, proof of income and evidence of deposit funds, amongst other things.
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Does it cost to add someone to a mortgage?
Generally, when you’re adding someone to a mortgage, there are some costs involved. There can be lender administration fees and legal fees, because the process of adding someone on a mortgage is a Transfer of Equity. This is separate from a new application where three people are named on the documents from the start.
Do you pay stamp duty when adding someone to a mortgage? What other costs are involved?
Potentially. You may have to pay stamp duty when adding or removing someone from title deeds. This is because there is a monetary value in exchange for property – referred to as a consideration. It’s likely to include a cash transfer or a mortgage. There will potentially be lender or solicitor’s fees, and these can vary.
What are the pros and cons of having three people on a mortgage?
The main benefit is you can get a more desirable or a better property. The monthly payments are then shared between the three of you, making it a bit more manageable – it eases the financial burden.
The downsides are that it’s more complicated to arrange and there’s more detail to go through. You’re all responsible, so if one of you decides to stop paying, all three of you are liable.
It’s also a little bit more difficult if one of you decides to leave. Remortgaging to another lender into two names could be more complex.
Which lenders offer mortgages to groups of three or more people? Are there many?
At the time of recording in May 2025, we’ve got big names like Barclays, Skipton Building Society and the Leeds Building Society. This is a market that’s evolving all the time and more lenders are expanding into this market as it becomes more popular.
How can I get a multi-applicant or three-person mortgage? How can a mortgage broker help?
As with any mortgage, all the applicants have to meet specific lender requirements, and these do vary. A mortgage broker can help identify the different lenders that suit your requirements, and then guide you through the process and the application.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 12/06/2025.
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- Unrivalled customer service
- We are an independently owned brokerage offering first charge mortgages from the whole of the market.
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