Can you buy a property with your friends? | ESPC Mortgages

One question being asked more frequently is can I get a mortgage with my friend? The short answer is yes. 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., income less your monthly fixed commitments so regular loan repayments, car finance, credit card balances, etc. They may also assess bank statements to see evidence of how you conduct your finances on a daily basis. You will also be asked to pass the lender’s credit score which will be assessed on your combined scores and conduct to confirm eligibility which is no different to any other type of mortgage.
What should you look out for?
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 but 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 back first in the event of a property sale. It would also be beneficial to employ a solicitor to produce a will which could be a useful document to have in such an event.
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 but getting a mortgage with a friend is assessed in the same way as most types of mortgages.
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