Can I get a mortgage with a friend?

One question being asked more frequently is whether it’s possible to get a joint mortgage with a friend. The short answer is yes, says David Lauder of ESPC Mortgages.


Basically, applying with a friend is similar to a normal application process and very similar to an unmarried couple buying together.

The application and responsibility will be joint and will be assessed in the normal ways, factoring in your joint affordability, i.e. your income minus your monthly commitments such as regular loan repayments, car finance and credit card balances. The lender may also assess bank statements to see evidence of how you conduct your finances on a daily basis to get a flavour of your financial habits. You will also be asked to pass the lender’s credit score process which will be assessed on your combined scores and past conduct to confirm eligibility.

One thing to highlight is that you may wish to seek independent legal advice regarding the ownership of the property as it will be based on a 50/50 split. However, if one of the applicants is putting down more deposit, for example, you may wish to draft up a legal clause to ensure this money would be repaid first in the event of a property sale. Also, a solicitor will be a good contact to produce a will, for example, which could be a useful document to have in such circumstances.

To summarise, no case is the same and different providers will assess your circumstances in different ways to decide how much they will lend you. We at ESPC can help.  We are independent advisers and have the necessary knowledge and experience to analyse the market and advise on which lender will best meet your objectives and circumstances. Importantly, we will also ensure any mortgage commitment that you are considering is affordable.

As independent mortgage brokers, ESPC Mortgages can help will all aspects of understanding your budget, applying for a mortgage and dealing with the relevant insurance requirements. Pop in for a no obligation chat with David or one of the team at our Edinburgh showroom or give them a call on 0131 253 2920.

The information contained in this article is provided in good faith. Whilst every care has been taken in the preparation of the information, no responsibility is accepted for any errors which, despite our precautions, it may contain.

The initial consultation with an adviser is free and without obligation. Thereafter, ESPC Mortgages charges for mortgage advice are usually £350 (£250 for first-time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED AGAINST IT.

Where reference is made to Independent and/or Individual advice, this will be provided by ESPC Mortgages which is a trading style of ESPC (UK) Ltd. ESPC (UK) Ltd is a wholly owned subsidiary of Edinburgh Solicitors Property Centre Limited and is an Appointed Representative of Lyncombe Consultants Limited which is Authorised and Regulated by the Financial Conduct Authority.