Joining forces with friends and combining deposits and income to get onto the housing ladder sounds like a great idea – but is it possible in reality? David Jackson offers advice to a friendship group who would like a joint mortgage
The Question
I am making a reasonable income but am finding it very difficult to save enough for a deposit on a property in London.
I have friends in a similar situation, and the three of us are considering coming together to purchase a property. Do lenders offer mortgages in this kind of situation?
David’s Answer
Yes, it is possible to get a joint mortgage for three borrowers, but it may be more challenging.
While some lenders only allow a maximum of two applicants, there are options available that allow three. However, many lenders will only consider the incomes of two applicants when assessing affordability.
There are a few lenders which will take all three incomes into account and this could help maximise your borrowing potential.
If all three of you want to be on the mortgage and have your incomes considered, it’s definitely possible. The key is to work with a mortgage broker who can help you find the right lender that allows for this setup.
They can guide you through the process and ensure you’re aware of all your options.
Meet our expert…
David Jackson established Prestige Private Finance in 2014 after nearly two decades in the mortgage industry. With experience in London’s high-net-worth areas, David and his team offer empathetic and expert advice for your financial journey.
If you have a question for David please email kate.saines@emap.com or leave a message in the comments below.
