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The pros The pros
- Buying with someone else can be a good way to get on the property ladder quicker than if you were buying alone.
- You'll be able to combine your savings and have a bigger deposit.
- You can split homebuying costs such as stamp duty and legal fees, as well as household bills.
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The cons The cons
- You'll need to decide on the best way to set up your joint mortgage legally.
- You need to think about what happens if one of you defaults on the mortgage as in many cases you could both be responsible for any missed repayments.
- It's important to buy a property with someone you trust to protect against this kind of situation.
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The legal side of things
Joint Tenancy
You should set up your mortgage as a joint tenancy if you both want to hold an equal share of the property, regardless of who paid for what in the purchase. If either one of you dies, full ownership automatically passes to the other.
Tenancy in Common
If one of you has invested more cash into the property than the other, you can divide the ownership rights to reflect this using a Tenancy in Common. You can split the percentages of ownership however you like. If you die, your share of the property will go to the person named as your recipient in your will.
A helping hand to get on the property ladder
A Royal Bank Family-Backed mortgage, sometimes known as a ‘joint borrower sole proprietor’ (JBSP) mortgage, can help buyers get onto the property ladder sooner or borrow more. It lets you add a second person to your mortgage but without them owning the property.
Adding a second person to your mortgage as a 'non-owner', can help you borrow more than you would otherwise have been able to borrow, which means you could buy your own home sooner than you thought. And, the non-owner could be a family member or friend. Exclusions and criteria apply.
Leaving a joint mortgage
If your circumstances change and you decide you want to leave a joint mortgage, the first thing to do is contact your lender to discuss the options available to you.
You can get more detail on the options available to you from MoneyHelper.
Finding the deal for you
Compare our rates and repayments
Look at the mortgage rates we offer and the monthly repayments to see what could work for your joint mortgage.
When you have a property in mind
See how much you could borrow with an Agreement in Principle. It won't affect your credit score as it only uses a soft credit check.
Need some help?
Call us
We're on hand to arrange a phone or video call with one of our qualified mortgage professionals. We can also help with any general queries about the process.
Call us on ${dn-0800 056 0567}
Opening hours: Mon-Fri 8am-6pm, Sat 9am-4pm, Sun Closed. Excluding public holidays.
Buy to Let? NatWest only provide Buy to Let mortgages online for small portfolio landlords.
- Please use the NatWest tools and guidance designed to help you complete your mortgage application online.
- We do not provide advice on Buy to Let mortgages but if you need technical help with your online application, get in touch so we can provide support.
- If you are not a small portfolio landlord, or you wish to apply with a mortgage professional, NatWest Buy to Let mortgages are available via mortgage brokers.