Buying with a Friend

In order to reduce the amount of deposit required it may be worth considering buying a home with friend or a partner to help share the costs.

You should take legal advice and draw up an agreement as to how the property should be divided in case one of the borrowers decides to move out and give up their share in the property.

If one of the borrowers decides to move out, the remaining borrower’s income must be sufficient to cover the outstanding mortgage balance otherwise the property may have to be sold.

Careful consideration should be given to this type of arrangement to avoid any potential problems in the future.