Buying a home with a friend: could it be your route onto the property ladder?

Posted on 10/08/2026 by Kay Kowalewska

For many people, buying a home has traditionally been something couples do together. But with rising property prices, higher living costs and more people choosing to live independently, a growing number of buyers are finding a different path to homeownership – purchasing a property with a friend.

While it may not be the conventional route, buying with someone you trust can make owning a home far more achievable, particularly for first-time buyers who would otherwise struggle to purchase on a single income.

Why more single buyers are looking at alternative options

Buying a property alone has become increasingly challenging in many parts of the UK. Saving for a deposit, meeting affordability requirements and managing monthly mortgage payments can all be difficult without a second income.

Single homeowners also face costs that couples naturally split, including:

  • Mortgage repayments
  • Household bills
  • Broadband and utility costs
  • Home insurance
  • Maintenance and repairs

Although single occupants receive a 25% Council Tax discount, this rarely offsets the additional costs of running a home alone.

As a result, many people are considering joint ownership with siblings, friends or other trusted buyers as a practical way to get onto the property ladder sooner.

The benefits of buying with a friend

Purchasing a property jointly can offer several financial advantages.

A larger deposit

Combining savings can increase the size of your deposit, potentially opening up access to better mortgage rates and reducing the amount you need to borrow.

Increased borrowing power

Mortgage lenders assess affordability based on income. Two buyers with separate salaries may be able to borrow significantly more together than either could individually.

This can make the difference between purchasing a smaller property or buying a home that better suits your lifestyle and future plans.

Sharing the running costs

Beyond the mortgage itself, owning a home involves ongoing expenses.

Sharing utility bills, insurance, broadband, maintenance costs and general household expenses can make homeownership much more affordable month to month.

Planning is essential

Buying a property with a friend should never be entered into casually. While many arrangements work extremely well, it's important to have clear agreements in place from the outset.

Questions worth discussing include:

  • How much will each person contribute towards the deposit?
  • Will mortgage payments be split equally or based on income?
  • How will household bills be shared?
  • What happens if one person wants to move out?
  • How will any profit be divided if the property is sold?

Many buyers choose to have a Declaration of Trust prepared by a solicitor. This legal document records each person's financial interest in the property and can help prevent disputes in the future.

Independent legal advice for each buyer is also strongly recommended.

Can friends get a joint mortgage?

Yes. Many lenders offer joint mortgages to friends, siblings and family members, not just couples.

Every lender has different lending criteria, and affordability will depend on factors including:

  • Income
  • Employment
  • Credit history
  • Existing financial commitments
  • Deposit size

Some lenders may be more flexible than others, which is why receiving independent mortgage advice can make a significant difference.

Is it the right choice?

Buying with a friend isn't the right solution for everyone, but for many people it provides an opportunity to become homeowners years earlier than would otherwise be possible.
It can also allow buyers to purchase in locations they may have been priced out of if buying alone.

The key is choosing someone you trust, having open conversations about finances and ensuring the legal arrangements are properly documented before exchanging contracts.

How can Dentons Mortgages help?

If you are considering buying a home with a friend, sibling or family member, it's important to understand your mortgage options before making any decisions.

At Dentons Mortgages, we can explain how joint mortgages work, assess your affordability and help you find a lender that suits your circumstances. We'll guide you through the process from your initial enquiry through to completion, ensuring you understand your options every step of the way.

Whether you're a first-time buyer purchasing on your own or exploring joint ownership as a route onto the property ladder, our experienced advisers are here to help.

Thinking about buying together? Contact us today for expert, independent mortgage advice and find out what could be possible.

Although every effort has been made to ensure that the information provided in this article is accurate and correct, the information provided does not constitute any form of financial advice. We recommend that you speak to a mortgage adviser before making any financial decisions.