First Time Buyers Mortgages

Mortgages with Friends or Family

What are Mortgages with Friends or Family?
When buying with friends or family members, you might take out a joint mortgage. This mortgage allows four friends to buy together at up to three and a half times each salary, as long as they are all graduates or professionals. It is available at 90% LTV. Although up to four people can buy together on a conventional mortgage, lenders usually only take the highest two incomes into account.

Mortgages with Friends or Family - Advantages
This way, affordability is considerably increased.
You can ensure that you are legally registered as tenants in common. This means that if you die your share will go to an assigned beneficiary rather than direct to the other property owners.

Mortgages with Friends or Family – Disadvantages
You will be in a joint ownership situation where all names feature on both the mortgage agreement and property deeds. This means that each party is jointly and severally liable for the entire loan.
Neither party can sell without agreement from the others. Flexibility in terms of life changes is very restricted – especially with the maximum number of buyers.

Mortgage Lenders Specialising in Mortgages for Friends or Family
Britannia Building Society

Friends/Family Mortgage Advice
If you are considering buying your first home with friends or family, seek specialist no-commitment mortgage advice.

Features, advantages and disavantages of specific first time buyer mortgages:

100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages at University l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Shared Ownership Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages l 30, 35, 40 Year Term Mortgages