For many first-time buyers, the dream of homeownership can feel out of reach - especially in today’s market. But what if we told you there’s a growing number of people who are unlocking the front door… not alone, but with a friend?

It might not be the traditional route, but buying with friends is becoming an increasingly popular way to overcome the affordability hurdle - and it's one we think more buyers should know about.

Why buy with a friend?

With rising house prices, saving a big enough deposit or getting a mortgage offer based on just one income can be tough. But when you buy with a friend (or even more than one), you’re combining incomes and sharing the costs - from the deposit to the monthly mortgage repayments and even the bills once you’ve moved in.

It’s a way to get more home, more quickly, without waiting years to do it solo.

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Yes, lenders do support it

Many first-time buyers are surprised to learn that lenders are open to this idea. In fact, some specialist mortgage lenders even design products specifically for buyers pooling resources.

Take Generation Home, for example. They allow buyers to team up with friends, family, or partners to co-own a property. Their flexible mortgage options also mean you can own different shares of the home if your contributions aren’t equal.

Others, like Skipton, Accord, and Metro Bank, also allow multiple applicants with the right setup.

That said, mortgage criteria can vary a lot between lenders - which is why getting advice from a specialist broker is essential.

You don’t have to split everything 50/50

Are you worried because you’ve saved more than your friend, or you’ll be paying different amounts toward the mortgage? That’s completely normal - and totally manageable.

You can agree upfront who owns what percentage of the property, and this can be recorded legally in a Declaration of Trust. This simple but powerful document spells out exactly who contributed what, who owns what share, and what happens if one of you wants to sell up in the future.

You can also choose whether to be joint tenants (owning the whole property equally) or tenants in common (owning defined shares). Most friends buying together choose the second option - especially when their deposits or contributions differ.

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It’s important to talk through the ‘what ifs’

Let’s be real: life changes. Jobs, relationships, cities - sometimes even friendships. So before you dive in, it’s worth having an open, honest chat with your friend about the long-term plan.

• What happens if one of you wants to sell?

• Can either of you afford the mortgage on your own if things change?

• Will you both live there, or will one rent their share?

These questions aren’t meant to scare you, but quite the opposite. Talking through scenarios early means you can make clear agreements and protect your friendship as well as your finances.

A mortgage broker who understands these kinds of setups can help you think through all of this and connect you with solicitors who’ll help get everything in writing.

It’s more common than you think

Buying with friends used to be seen as a niche option, but that’s changing fast. In fact, many housebuilders (including Avant) now regularly speak to buyers who are co-purchasing with a friend or sibling.

And we’re all for it - if it means you can take that first step onto the ladder sooner, with a little more space or in a better location, why not?

You’ll still get access to the same incentives and offers available to other first-time buyers - including deposit contributions, flooring packages, or help with legal fees , even if they’re not specifically tailored to joint purchases.

Talk to an expert before you take the leap

Buying a home with a friend is exciting - but it’s also a big commitment. That’s why it can be useful to speak to a mortgage specialist who’s done this before.

At James Leighton Financial Services, we’ve helped lots of buyers team up to make their homeownership dreams a reality - and we’d love to help you too.

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Advice for buying a home with friends

Why buy with a friend?

Yes, lenders do support it

You don’t have to split everything 50/50

It’s important to talk through the ‘what ifs’

It’s more common than you think

Talk to an expert before you take the leap

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