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Mates Mortgages

If you can’t get on the housing ladder yourself, would you buy with a friend?

Where two or more mates get together to buy a house – “”mates who are perfectly capable of paying monthly mortgage payments but are struggling to fund a deposit of their own, options to unite with their friends and take the first step on to the housing ladder together.”” Although recently re-publicised, ‘mate’s mortgages’ have been around since the 1990’s and are already widely available to borrowers.

What does it mean? How does it work?

  • Banks differ in the way that they calculate all the borrowers’ income and decide what joint buyers can afford to borrow.
  • For example similar mortgages from the Norwich & Peterborough Building Society (N&P) could involve up to four people on one mortgage, although only two incomes would be taken in to consideration.
  • Stressing the importance of legal agreements between borrowers, financial experts advise borrowers need be aware of all the implications e.g. what happens when the mates split up. Job relocations, falling out, finding a partner or getting married are some of the common reasons.
  • The person who chooses to leave will have to retain, let out, or sell their share. One option could be drafting a new mortgage contract, where the remaining three tenants can refinance the mortgage and each pay a higher amount.
  • No matter what percentage each person puts in, everyone on the agreement is jointly responsible for the mortgage payments.

Further information

Name of Scheme: Mates Mortgage Scheme
Name of Lender: Britannia