How To Buy A House Together: Partner or Friend Guide

Buying a home together is a huge move for any relationship, whether you’re a couple, family, or close friends. Financially, legally, and emotionally, there are so many things to consider, which is why there are a few key conversations you need to have before you dive in.

It’s a really exciting time, but it also comes with decisions that can shape your future in ways you might not expect. So before you start saving listings or booking viewings, it’s worth asking yourselves: How is this going to work?

Creating a safe space to have serious conversations about how you’ll manage buying a property together is so important. Will you split all the costs evenly? What happens if you break up? How will you own the property contractually? Having these conversations is already a big win for your relationship, because you’re already doing the hard part together.

Get these things agreed in writing now to save any heartache further down the road. It’s a big step sorted and one you might be thankful for in the future. Then you can get on with dreaming about the colour you’re going to paint your dream kitchen together!

These key takeaways will help you get started:

Agree on how you’ll own the property early, as this decision affects ownership, inheritance, and what feels fair financially
When you sign on for a joint mortgage together, your credit reports become linked
Make a realistic plan before you start house hunting, so you know your budget, deposit, and what you can afford together
Have the “what if things change” conversation early, so you are not making big decisions under pressure later
Decide how you’ll manage money day-to-day so bills, costs, and surprises do not become a source of stress
Be just as clear if you’re buying with a friend or family member, because the same financial and legal responsibilities still apply

How will you own the property?

In the UK, couples get two options on how to own the property: as ‘joint tenants’ or as ‘tenants in common’. This is one of the biggest decisions you’ll need to make when buying a property together, so it’s worth taking the time to understand your options. Here are the main differences between the two:

Joint tenants

With joint tenants, you both own the property equally (50/50), regardless of how much each of you contributed. If one of you passes away, then the property and the mortgage on it automatically get transferred to the surviving owner. They will then be responsible for making the mortgage payments, and there is no separate share to pass on.

It sounds morbid, we know, but these are the kinds of things you need to plan for when buying a property together. For these situations, you might also want to consider whether you need to take out a life insurance policy that will pay for the mortgage if one of you dies. Your mortgage advisor will usually go through your options on this with you when you’re sorting out your mortgage.

Tenants in common

The tenants in common option gives you more control over how ownership is divided. As tenants in common, you can own different shares in the property, so instead of 50/50, you could set it as 60/40 or 70/30. This is a good option if one of you is paying more towards the deposit or mortgage repayments, and you want that to be reflected in the ownership of the property.

It also means each person’s share is treated separately, which means it can be passed on in a will rather than automatically transferred to the other owner if one of you passes away.

If you choose this option, it is common to set up a deed of trust (sometimes called a declaration of trust). This is a legal document that records exactly how much each of you owns and can also outline what should happen if the property is sold or if one of you wants to leave the agreement.

Whichever option you choose, make sure you talk about it, be clear about the details, and get it written down with a solicitor. Once you’ve done that, you’re not guessing anymore, you’re set up with clarity from the get-go.

This kind of planning can feel a bit uncomfortable, but your circumstances could change, and creating security for your future selves is what being in a mature, responsible relationship is all about.

Joint mortgages and your credit reports

By taking out a joint mortgage together, both of your credit reports will be financially linked, which means your credit behaviours can impact their score and vice versa. That’s why it helps to have a good understanding of each other’s finances so you can make strong decisions together.

‍If you want to learn more about how your credit score can be affected by your partner’s, head to our blog here.

Regardless of whether you’re buying as tenants in common or as joint tenants, you are both liable for the mortgage debt when it’s in both of your names. This means if you miss a repayment because one or both of you were unable to pay, it will negatively impact both your credit histories.

How will you both plan for buying a house?

Saying “we want to buy a house” is one thing; planning for it is another thing entirely. If you’re taking this step together, it makes a real difference to do it as a team from the beginning.

Start by getting specific together:

Where do you want to live?
What kind of property fits both of your lifestyles?
What can you realistically afford based on your combined income?
How long will it take to save the deposit you need?
What kind of mortgage could you get?

If you answer these questions together, you’re already moving as a team towards the same goal.

Your credit histories can impact the kind of mortgage you’re offered and the interest rates that come with it, so making sure both of your credit reports are up to scratch is key. If one of you has a weaker score, work together to come up with a plan to improve it. Remember that you’re a team!

Loqbox can help you build your credit and the confidence to bring you and the person you’re buying with closer to your dream home. Find out how here.‍

‍Improvements to your credit score are not guaranteed.

What happens if things change between the two of you?

It’s not the easiest conversation, but it’s one of the most important.

Buying a home together creates a financial link between you, regardless of your relationship status. So it’s worth thinking through what happens if your situation changes. This could be a breakup, a job change, or something unexpected.

Would you sell the property? Would one of you want to stay and buy the other out? And how would you agree on what’s fair?

This is where a cohabitation agreement can make a real difference. It sets both of your expectations for the future, so you’re not trying to figure it out under pressure later.

It’s less about planning for the worst and more about making sure you both feel secure going into the decision. That kind of clarity builds confidence rather than doubt.

How will you manage money once you own the home?

Owning a home together isn’t just about getting the keys, it’s about managing everything that comes after. Beyond the mortgage, there are lots of ongoing costs to consider: energy bills, council tax, insurance, maintenance, and repairs that tend to show up when you least expect them (this is where an emergency fund comes in handy).

Some couples prefer to split everything evenly, while others base contributions on income. Some use a joint account for shared expenses, while others keep things separate and track who pays for what.

There’s no one-size-fits-all solution here but there is a right answer for you as a pair.

The important thing is to agree on a system that feels fair and sustainable, especially when unexpected costs come into play. Because as we all know, life gives us many twists and turns. Get this right early and day-to-day money becomes something you handle smoothly together.

What if you’re buying with someone who is not your partner?

If you’re planning on buying a property with a friend or family member, the same questions from above apply. The dynamic will just be a little different (and potentially easier!).

The key here is to be clear with your friend or family member (and future home co-owner) on what you want from the agreement. Speak to them about things like:

Both of your long-term plans
Who’s contributing what
How the ownership is split
What happens if your circumstances change
Your credit histories

Whoever you’re buying with, being honest, open and communicative during the agreement phase is the best way to make sure you can both feel secure in the future. And before you get caught up in the excitement of floorplans and finishes, give yourself the time to plan and make sure you’re financially aligned.

Because making smart money moves for you and your loved ones is what will make your relationships stronger.