How to secure a mortgage with family and friends.   

How many people can take out a mortgage together?

As house prices have risen, one or two people by themselves are finding they don’t have enough to buy a home. In this case, small groups of family members or friends are agreeing to share the costs.  

The accepted number of people named on a mortgage is either 1 or 2 but there are lenders who will allow up to 4 people. Lenders vary, however, and some allow more than 4 to be named on the title deeds of the property. The amount you can borrow together varies from lender to lender too.

Some would consider the joint income of all of you and others will only take the salaries of the two highest earners into account.  

Whilst obtaining a mortgage together could be advantageous on the one hand, it could have its disadvantages too. These include:

• Making a will and taking out additional insurance.
• Making a co-habiting agreement and a trust deed.
• Making an exit plan in the event of a rift.
• Additional legal costs in respect of the above.
• Sharing your space.

Taking out a mortgage together is one of the most important decisions of your life. To make certain it is the right step for you, our highly qualified mortgage advisors at Deal Direct can talk you through the different types of home ownership and the pros and cons of each. We can advise you on which mortgage would be most suitable for you, depending on how many you are and how much you want to borrow. We offer a professional, no-obligation service, so you can make an informed decision together.

To secure a mortgage with family or friends, contact Deal Direct on 0800 048 8828 today.