Joint Mortgage With Friend
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Joint Mortgage With Friend
Joseph Mwalabu and Phil Barker from Yellow Brick Mortgages explain how a joint mortgage with a friend works.Podcast approved by The Openwork Partnership on 18/03/2026.
Can I have a joint mortgage with a friend? How does this work?
Yes, you can get a joint mortgage with a friend. It’s pretty much the same as a mortgage with a family member or partner, where lenders will look at your combined income and your outgoings to decide how much to offer you. The key thing is that both of you will be liable for the mortgage.
What deposit do you need for a joint mortgage with a friend? How much can we borrow?
Lenders treat everybody individually, so there’s no general answer to this. They’ll look at your income, your friend’s income and your joint expenditure to ascertain a maximum borrowing figure.
To give you a broad idea, often lenders will lend you 4.5 times your combined salaries. But many lenders now use intelligent calculators to assess your affordability, which means you could get different totals from each one.
From a deposit standpoint, 5% tends to be the minimum. However, for more expensive properties at £500,000 plus, the deposit can sometimes be up to 10%. Your credit score can also dictate the size of the deposit required. It’s quite complex, which is why it’s a really good idea to use a broker.
What are the eligibility criteria for a joint mortgage with a friend?
The main thing is that you’ve got to have some sort of income to show the lender. They use that to determine how much you can borrow. Your expenditure and any credit commitments could then reduce how much they’re willing to lend you – because you’ve got to be able to afford the mortgage as well as the bills.
Some lenders will allow you to get a special type of joint mortgage where your friend is just boosting your income. They don’t necessarily need to be an owner of the house, they just help you to borrow a bit more.
In this case, lenders will also check that you can afford to pay the bills for the two houses you will live in.
Does a joint mortgage have to be split 50-50?
You’ve got two options – the first of which is called joint tenants, where you both own the property jointly. You’re effectively both 100% responsible for that property. It sounds counterintuitive, but it means you’re both fully liable for that property. It’s the most common approach.
The second option is tenants in common. This can be used when you want to specify a particular percentage of ownership to each person. You can still do 50-50, or perhaps 70-30, etc.
Tenants in common tends to be used by purchasers who aren’t a couple. It could be first-time buyers buying together, and may be suitable when buying with a friend, especially if you each put in different sized deposits.
Can one person sell a house with a joint mortgage?
Not by themselves, if both parties are on the mortgage and the title deeds. The solicitors will check with the other party that they agree with the sale of the house.
It might work differently if your friend was simply acting as a booster, because in that scenario only one person would be named on the title deeds. The other person is just boosting the affordability.
In that scenario, the owner could sell without the other person consenting, because they actually own the house. The other person is just helping them with the mortgage.
Can I get a joint Buy to Let mortgage with a friend?
Yes, absolutely. There are tax implications for a Buy to Let mortgage, so it’s important to take that into consideration.
One reason you might look at a joint mortgage with a friend for Buy to Let could be to increase your deposit. It’s easier where two people are contributing to that. Also, you can split things like solicitors’ costs.
You will also need to discuss whether to look at joint tenancy or tenancy in common. Depending on the deposit you’re putting in, that’s something to consider.
It’s important to remember the liability as well. Both parties would be fully liable for the mortgage debt and you would have a linked credit commitment, where you can affect each other’s credit scores. We always recommend considering the tax implications and consulting a tax accountant before investing in a Buy to Let.
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How does remortgaging a joint mortgage with a friend work? Any differences here?
There are some slight differences, but it’s largely the same as an original mortgage application. Lenders look at your income and outgoings to decide whether to give you a mortgage, and calculate how much you can borrow. We would compare different lenders.
You could add a friend to the mortgage while remortgaging, if you wanted to. Perhaps you already own a property and you’d like your friend to help you with the payments or affordability – you can add them during the remortgage process.
Similarly, if you already own a property with a friend and they wanted to come away from the mortgage, you can remortgage and take their name off the loan and the title deeds. The process involves a solicitor, who will arrange for your friend to come on or off the mortgage.
What is the maximum age for a joint mortgage with a friend?
Lenders generally base the maximum age on the eldest of the applicants. Normally, the mortgage term would not run past the expected retirement age of that person.
With some lenders that’s state retirement age, which is 68, while others can be lower. However, lenders do appreciate that people are having to wait longer to retire and that you may want a slightly longer term. Many are comfortable with a mortgage term to age 70, if needed.
What happens if you have a joint mortgage with a friend and the other person dies?
This is something that we normally discuss with clients. It’s not something we want to happen during the mortgage, but it is worth thinking about and having a plan.
If one person dies, the joint mortgage continues. The remaining person is still liable for it.
When you take out the mortgage we would explore what could happen, and potentially look at some protection options. There are policies to help you in case one of you dies, and make sure you can still afford the payments.
Is getting a joint mortgage with a friend a good idea? What are the advantages and disadvantages?
The main advantage is obviously a higher borrowing capacity with two incomes. You’ll be able to borrow more than on your own. You’ve also got two parties potentially bringing a larger deposit, which is great.
The monthly payments for the mortgage and household bills will obviously be split two ways, which also aids affordability. You’ll also share buying costs like solicitors and stamp duty.
It could allow you to buy a property that’s more expensive than you could buy on your own. It’s getting you that extra step up on the property ladder, which may save you having to move again in the near future.
The disadvantages obviously include joint liability. If your friend can’t pay for some reason, you’re responsible for that. As I mentioned earlier, you’ve got that joint commitment across your credit records, so if something happens on one person’s credit file, it can affect the other’s.
There’s also the risk of the relationship breaking down, or disagreements over money or lifestyle. There can also be legal and tax implications as well. If one of you wants to sell and the other doesn’t, there can be issues there.
How do I apply for a joint mortgage with a friend? What’s the process?
It’s always a good idea to speak to a mortgage adviser to establish your budget and recommend lenders for your application.
We’ll guide you through the whole process, apply on your behalf and answer any questions for you. It’s a good idea to discuss with your friend how you’d like to own the property – will it be 50-50, or a different percentage, depending on your deposits?
What else do we need to know about getting a mortgage with a friend?
I think it’s really key to use a broker’s knowledge. We’re talking about the biggest financial commitment you can make. Having someone to guide you through that process and making sure you get the best advice is really sensible.
We can assess your situation in detail and make suitable recommendations, especially if you’re first-time buyers looking for guidance. We can also give you the options for the ownership structure.
We’ll explain why we’re giving certain advice around the mortgage, giving you reassurance that you are taking the best steps forward in your mortgage journey.
Key Takeaways:
- Both parties on a joint mortgage are fully liable for the entire debt, and credit commitments are linked, meaning one person’s credit issues can affect the other’s.
- Getting a joint mortgage can significantly increase borrowing capacity and allow you to split the deposit, monthly payments, and buying costs like solicitors’ fees and stamp duty.
- There are two main ownership structures to consider: ‘joint tenants,’ where both parties own 100% jointly, and ‘tenants in common,’ which allows for specifying different percentage splits of ownership, such as 70-30.
- Lenders determine affordability by assessing combined income and outgoings, often lending around 4.5 times the combined salaries, with a minimum deposit typically starting at 5%.
- It is strongly recommended to use a mortgage broker to guide you through the process, assess your specific situation, provide suitable recommendations, and help you decide on the appropriate ownership structure.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
MOST BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
Approved by The Openwork Partnership on 18/03/2026.
Published/recorded 23/03/2026.
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