Saving for a deposit and finding a mortgage on one income can make buying your first home feel out of reach. But could joining forces with a friend or sibling open up more possibilities?

Friendship-based homeownership is the subject of a recent FTAdviser article. It raises a useful question for aspiring buyers: could buying together work for you?

At Chetwood Lloyd Mortgages, we can help you explore that question with clear, independent and fee-free mortgage advice.

Can you get a mortgage with a friend?

Yes. You do not have to be married or in a relationship to apply for a mortgage together.

Combining your savings could help you build a deposit, while applying jointly may increase your borrowing options. However, the amount available will depend on the lender’s assessment of your circumstances. Approval is never guaranteed.

Before you start viewing properties, speak to us about what might be realistic. Understanding your options early can help you focus your search and plan your budget.

Shared ownership means shared responsibility

Buying together involves more than agreeing who gets the bigger bedroom.

Everyone named on a joint mortgage is responsible for the whole mortgage debt. Agreeing between yourselves to pay half each does not limit your responsibility to that half. If one person cannot pay, the other could have to cover the full monthly repayment.

Ask yourselves:

• How will we divide the deposit, mortgage payments and household bills?

• What happens if one of us loses our job or becomes ill?

• How long do we expect to live together?

• What happens if one person wants to sell or move in with a partner?

These conversations should happen before you commit.

Get the ownership arrangements right

In England and Wales, buying together also means deciding how you will own the property.

Joint tenants have equal rights to the whole property, and ownership passes automatically to the surviving owner when one dies.

Tenants in common can own different shares, and each person can leave their share through their will. This may be relevant where you contribute different deposits or want your share to pass to family. A solicitor should explain the options and advise on recording your agreement.

How Chetwood Lloyd can help

Your starting point should be a mortgage you can manage comfortably and an arrangement you both understand.

At Chetwood Lloyd Mortgages, we offer independent, fee-free advice, with access to more than 100 lenders. We can explore suitable mortgage options, explain the costs and guide you through the application process in plain English.

We will also discuss whether protection could help you maintain your mortgage payments if illness or other unexpected events affect your income.

Thinking about buying together?

Before you assume homeownership is beyond your reach, let’s explore your options.

Whether you are considering buying alone, with a partner, a sibling or a friend, contact Chetwood Lloyd Mortgages for a friendly conversation about your next step.

Call 01978 896252 or visit chetwood-lloyd.co.uk.

Your home may be repossessed if you do not keep up repayments on your mortgage.