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EXPERT ADVICE
buy a property Paul Demarco, independent mortgage advisor at ESPC Mortgages, breaks down
Can you

what you need to know if you’re planning on buying a property with a pal.

ne question being asked more will which could be a useful document to have
frequently is can I get a mortgage in such an event.
Owith my friend? The short answer
with a friend? is yes, you can get a joint mortgage with a To summarise, no case is the same
friend. Basically, applying for a mortgage and different providers will assess your
with a friend is similar to a normal application circumstances in different ways to decide
process and very similar to an unmarried how much they will lend you but getting a
couple buying together. mortgage with a friend is assessed in the
same way as most types of mortgages.
What do you need to know?
The application and responsibility will be Independent mortgage advice
joint and will be assessed in the normal ways We at ESPC can help, we are independent and
factoring in your joint affordability i.e., income have the knowledge to analyse and advise who
less your monthly fixed commitments so will look at your circumstances best. While
regular loan repayments, car finance, credit also ensuring any mortgage commitment is
card balances, etc. They may also assess affordable, so that not only are we helping you
bank statements to see evidence of how you buy a house but we are helping you keep it,
conduct your finances on a daily basis. You will come in and see us when you are free.
also be asked to pass the lender’s credit score
which will be assessed on your combined
scores and conduct to confirm eligibility which
is no different to any other type of mortgage.

What should you look out for? Applying for a mortgage with
One thing to highlight is that you may wish to a friend is similar to a normal
seek independent legal advice regarding the application process and
ownership of the property as it will be based
on a 50/50 split, but if one of the applicants very similar to an unmarried
is putting down more deposit, for example, couple buying together.
you may wish to draft up a legal clause to
ensure this money would be repaid back first
in the event of a property sale. It would also
be beneficial to employ a solicitor to produce a

ESPC Mortgages offer expert independent mortgage advice in Edinburgh. Whether you are looking for first time buyer mortgage
advice, are interested in finding out more about buy-to-let mortgages or would like to re-mortgage, get in touch with the team
on 0131 253 2920 or fsenquiries@espc.com

The information contained in this article is provided in good faith. Whilst The initial consultation with an ESPC Mortgages adviser is free and
every care has been taken in the preparation of the information, no without obligation. Thereafter, ESPC Mortgages’ charges for mortgage
responsibility is accepted for any errors which, despite our precautions, advice are usually £395 (£345 for first-time buyers). YOUR HOME MAY
it may contain. BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A
MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
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