Buying Property with a Partner – What to Know Before You Commit

Buying a home with someone can be one of the most exciting steps you take. Whether it’s your partner, a family member or a friend, it can make buying more affordable and help you get on the property ladder sooner.

But before you sign on the dotted line, it’s worth understanding exactly what buying together means from a legal and financial point of view. A few simple conversations and the right advice early on can save a lot of stress later.

How joint ownership works

When two or more people buy a property together, there are usually two options for how the ownership is structured: joint tenants or tenants in common.

If you’re joint tenants, you both own the property equally. That means if one of you passes away, the other automatically inherits the whole property. This is common for couples buying a home to live in together.

If you’re tenants in common, you each own a specific share of the property. That share can be equal or unequal depending on how much each person puts in. This is often used when one person contributes more to the deposit or when buying with a friend or relative. It also allows you to leave your share to someone else in your will if you choose.

It’s important to decide which structure is right for you before you complete your purchase, as changing it later can involve legal costs and delays.

Deposits and contributions

When buying together, make sure it’s clear who is contributing what. Your solicitor can draw up a deed of trust which sets out how much each person is putting in, how future payments will be made, and what happens if the property is sold or one person wants to move out.

It might feel awkward to talk about these things, but it’s far easier to agree on the details while everyone’s on good terms than to face confusion or disagreement later on.

Affordability and credit checks

When you apply for a joint mortgage, both incomes are taken into account, which can help increase your borrowing power. However, both names also appear on the credit agreement, which means you’re each jointly responsible for making the payments.

If one person misses payments, it can affect both credit scores, even if the other has always paid on time. That’s why open communication about finances is so important before applying.

If one person has a weaker credit history, we can look at the best way to structure your mortgage to protect both parties and still secure a competitive deal.

Planning for the future

No one likes to think about what happens if things change, but life has a way of surprising us. Whether you stay together or go your separate ways, having clear agreements in place means you’ll both know where you stand.

It’s also worth thinking about protection policies, such as life insurance or income protection, to make sure your home is secure if something unexpected happens.

Let’s get you on the same page

Buying together can be a brilliant step forward, and with the right advice, it can be simple and stress-free. I can help you explore your mortgage options, understand the best ownership setup for your situation, and make sure you both feel confident about the decisions you’re making.

If you’d like to talk through your plans or check what you could borrow together, get in touch and let’s make sure your home-buying journey starts on solid ground.

Barry, The Mortgage Network - Guiding you through the big decisions that shape your home, your finances and your future together.

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