In this article
If you’re trying to get on the property ladder, teaming up with someone else might make it possible.
With house prices increasing faster than wages in many parts of the UK, many first time buyers are choosing to buy together.
Two incomes can result in a higher mortgage offer, and splitting the monthly costs often makes homeownership feel more manageable.
Still, there’s more to this than sharing payments. A joint mortgage means shared responsibility, and it’s worth understanding what that really involves before taking the leap.
Buying a Property With a Partner or Friend
Explained in 1 min 18 seconds
Find more videos like this on MoneymanTV
How Many People Can Share a Mortgage?
Some lenders will accept up to four people on a mortgage. Everyone included is fully responsible for making sure the payments are made.
If one person stops contributing, the others will need to cover the full amount to avoid falling into arrears. This is why it’s so important to buy with someone you can trust financially.
Any future changes to the mortgage, such as borrowing more or switching deals, need agreement from every person listed.
It’s a good idea to talk about what might happen in the future and make sure everyone’s expectations are clear from the start.
Joint Tenants or Tenants in Common?
Joint tenancy is a common choice for couples or those in a civil partnership. It means both of you own the property together.
If one person passes away, the home automatically belongs to the other. Some people choose to take out mortgage life insurance alongside this so that the mortgage is paid off if something unexpected happens.
Buying with a friend, sibling, or business partner is often handled through tenants in common. This setup allows each person to own a specific share of the property, which doesn’t need to be equal.
It can be useful if one person is putting in more money, and it also gives each of you the option to pass on or sell your share independently.
What Happens If Someone Stops Paying?
It’s easy to think that each person only owes their share, but with a joint mortgage, every borrower is responsible for the full payment.
If someone stops paying, the rest must cover the shortfall. If the account goes into arrears, it could damage everyone’s credit profile and affect the chances of getting another mortgage later on.
Speak to an Advisor – It’s Free!
Schedule a free callback from one of our experts today.
- All situations considered
- Transparent and honest mortgage advice
- We search 1000s of purchase and remortgage deals
Our customers rate us 4.9/5
Can You Remove an Ex from the Mortgage?
When relationships change, it’s not unusual for one person to look at keeping the home.
What happens next can vary depending on personal circumstances, lender criteria, and what the mortgage looks like at that point in time.
If you’re in this position and wondering what your options might be, you can learn more about how this works in our guide “Can I Remove a Name After Divorce?“
Can You Remove Yourself from a Mortgage?
Leaving the property does not automatically remove you from the mortgage.
If your name is still attached to the loan, you’re still responsible for the payments. Even if your ex-partner agrees to cover the full amount, lenders still see you as equally responsible.
It’s wise to monitor your credit report while you’re still connected, especially if you’re continuing to contribute.
Missed payments can appear on your record too. That can make it harder to apply for a new mortgage later, especially if you’re still financially linked to the old one.
Any mortgage you remain named on will be factored in if you apply for a new property loan. This might reduce the amount you’re offered.
Plan Ahead When Buying with Someone Else
Buying with another person could make homeownership feel more within reach, but it’s a serious decision that affects both your financial situation and future options.
Taking time to talk through the what-ifs at the beginning can help things run more smoothly later on.
If you’re thinking about this route, the mortgage advisors at UK Moneyman can break everything down clearly.
Planning early gives you a stronger foundation to work from, no matter how your situation changes.
