For many people in Nottingham, buying a house with a partner, family member, or friend can be an effective way to get onto the property ladder.
Pooling resources can make saving for a deposit easier, increase your borrowing power, and open up access to a wider choice of properties.
Before taking this step, it’s important to understand how joint ownership works, what legal arrangements are available, and what alternatives might suit your circumstances.
Options for Buying a House With a Partner or Friend
When two or more people buy a property together, they usually choose between two legal arrangements: joint tenancy or tenancy in common.
Both allow joint ownership, but they work differently in terms of rights, inheritance, and selling the property.
Joint Tenancy
Joint tenancy means that all owners have equal rights to the property.
If one owner passes away, their share automatically goes to the other owner or owners.
This arrangement is most common for couples buying together, as it offers simplicity and clarity.
It also means that if the property is sold, the proceeds are divided equally.
Tenancy in Common
Tenancy in common allows each owner to hold a specific share of the property, which doesn’t have to be equal.
This can be useful if one person is contributing more towards the deposit or mortgage payments.
Unlike joint tenancy, the share can be passed on to a chosen beneficiary in a will rather than automatically going to the other owner.
Can Tenants in Common Take Out a Joint Mortgage?
Yes, tenants in common can apply for a joint mortgage.
The lender will assess everyone’s income, credit history, and financial commitments when deciding how much to lend.
This arrangement can help boost borrowing capacity, but it also means that all parties are jointly responsible for keeping up with the repayments.
If one person falls behind, the lender can still pursue the other for the full amount.
Can a Joint Mortgage Be Paid by One Person?
In practice, one person can cover the repayments, but legally, all named borrowers are equally responsible.
If a situation arises where only one person contributes, the other is still liable if payments are missed.
It’s always worth having a clear written agreement in place, especially when buying with a friend, to avoid confusion or disputes later.
What Are the Alternatives to Joint Ownership?
If joint ownership isn’t right for you, there are other ways to step onto the property ladder in Nottingham.
These options may allow you to buy alone or with financial help from family, without sharing full ownership.
Boost Your Deposit With a Lifetime ISA
A Lifetime ISA allows you to save up to £4,000 each year towards your first property, with the government adding a 25% bonus.
This can help you build a deposit more quickly and reduce how much you need to borrow.
Shared Ownership
Shared Ownership schemes let you buy a share of a property and pay rent on the rest.
Over time, you may have the option to increase your share, a process known as “staircasing”.
This is often a more affordable way to start out if buying outright feels out of reach.
Gifted Deposit
Family members can provide a gifted deposit to help you purchase a property.
This is a lump sum that doesn’t need to be repaid, and many lenders accept it as part of the deposit requirement.
It’s a common route for first time buyers in Nottingham.
100% Mortgage
In some cases, lenders offer 100% mortgages, usually supported by a guarantor or a family member’s savings.
These allow you to buy without a deposit, though they are less common and usually come with specific conditions.
Date Last Edited: September 15, 2025
