Lot of people saying "don't do it", which are wise words if you have endless other choices. But the reality is that buying a house is very hard for most of us. What you're suggesting isn't unknown and whilst if it goes sour could be extremely pleasant, can equally work out fine and to your benefit. A lot of people start up small housing associations to pull off this sort of thing for exactly the same reasons. Although that involves more than two people, usually.
joint mortgage with a friend - anyone done it?
- Thread starter unwashed potato!
- Start date
Did something similar myself but with no mortgage involved.
Man of Honour
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Personally, no.
I've been renting with 2 friends (who i've known a lot longer than 2 years)over the last year or so and it has almost ruined the friendships and i wouldn't ever do it again, let alone share a mortgage! One of them is still regularly using out joint account that supposed to be for rent, bills etc as his personal overdraft.
Associate
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Seen it done and only you can know what your friend is like but I would advise against. More so given you have only know this person 2 years but that's me.
Two people I used to work with did this and all was going fine for about 1 year. Then one of the lads got into relationship and she basically moved in. This really hacked the other lad off as they never asked or spoke about the increase costs etc. As the girl was still living with mum she basically just said she was staying over and would maybe one home for 1 day every two months. Caused many fights when he confronted them over the issue etc.
It all ended in tears to basically more mess, taking over the joint living areas, randomly doing DIY in their room shouting "oh god oh god and yes yes yes" what ever they were hammering must have been under there bed that's for sure. Always seemed to be really random times for diy
The long story short was the lad wanted out and ended up forcing the other person to sell up so he could move in with said girl. So do what ever you can to secure your property with agreements and standard etc.
Two people I used to work with did this and all was going fine for about 1 year. Then one of the lads got into relationship and she basically moved in. This really hacked the other lad off as they never asked or spoke about the increase costs etc. As the girl was still living with mum she basically just said she was staying over and would maybe one home for 1 day every two months. Caused many fights when he confronted them over the issue etc.
It all ended in tears to basically more mess, taking over the joint living areas, randomly doing DIY in their room shouting "oh god oh god and yes yes yes" what ever they were hammering must have been under there bed that's for sure. Always seemed to be really random times for diy
The long story short was the lad wanted out and ended up forcing the other person to sell up so he could move in with said girl. So do what ever you can to secure your property with agreements and standard etc.
I have friends who brought a house together, they all came out of it still friends and much richer.
If you do go this route, make sure you write up a proper legal contract which spells out what you do if one of you wants to leave and the others don't, and make sure that you've agreed up front that doing so is an entirely fair and reasonable thing to do. You'll also want to cover the inevitable relationship question and basics such as liability for bills, damage, ongoing upkeep and repairs, etc.
Soldato
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Get a pre-nup. 
It'll save the pain afterwards. lol
It'll save the pain afterwards.
lol
Soldato
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So you didn't have to worry about leaving a deposit?
I'll get my coat and crawl back under my rock.... Lol
It's doable but as noted there are loads of opportunities for the plan to blow up on you. If you're living in the house with this friend, what happens when he falls in love and moves his obnoxious girlfriend in? Or decides to sail around the world with said obnoxious GF and wants the house sold to fund it? Everything (everything) needs to be in black and white.
Also, 2 years is no time at all in a friendship, let alone getting into a serious financial commitment...
Also, 2 years is no time at all in a friendship, let alone getting into a serious financial commitment...
Soldato
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My mate did this with another of our mates and it caused major problems when they both got partners and wanted the house for themselves/or to move out and sell, even with pre agreed action plans! Proper headache for ages and it was a royal pain getting it sorted out too. Don't, just don't 
EDIT: Should add they had been friends for probably 10-15 years.
EDIT: Should add they had been friends for probably 10-15 years.
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My mate did this with another of our mates and it caused major problems when they both got partners and wanted the house for themselves/or to move out and sell, even with pre agreed action plans! Proper headache for ages and it was a royal pain getting it sorted out too. Don't, just don't
EDIT: Should add they had been friends for probably 10-15 years.
well it doesn't have to be if you appreciate that the agreement you make in advance is the one you're going to have to stick to. It would be ridiculous to go into something like that knowing you're quite possibly going to have to sell in 4 or 5 years and then kick up a fuss because actually you want to keep the house etc..
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i am
some great advice thanks. will take it into consideration.
exactly my thought. i know friends who have partners for months and are looking to buy.
already have discussed it together but of course will get some agreement up front so we can revert back to it.
at the moment i house share with 3 others and barely there due to my work and seeing friends, and i actually use my office as my free space, chill out zone, so living with others has never been an issue for me. they make an incredible mess, leave bins in hallways for ages etc and we all get along just fine.
this friend that i'd buy a place with lives in a hectic house too (though it's family) and she spends most of her time with me with here at this office to get her own space. i know us hanging out works brilliantly at the moment, and would only change when we have partners, but i'm sure even if they had a partner essentially move in, unless the partner was a jerk, we'd both be happy about it as we're fairly social and like the company of others.
Soldato
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Oh I agree completely, but it doesn't always work out like that. They were both adamant they would have rules and stick to them and both knew it wouldn't be permanent. When it came to it though, their agreements etc went out of the window. They don't speak much now if at all
Soldato
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Well a mortgage is a bigger deal than getting married....
Personally I think marriage and kids are the ultimate however it's quicker and easier to split up than sell a house....
Oh I agree completely, but it doesn't always work out like that. They were both adamant they would have rules and stick to them and both knew it wouldn't be permanent. When it came to it though, their agreements etc went out of the window. They don't speak much now if at all
well to be blunt, that is because they're idiots then really
they didn't really appreciate that they'd have to stick to the agreement because they actually didn't want to stick to it in the end...
if you can take the emotions out of it and treat it as more of a business partnership/deal then I don't see the issue, if you can't look at it in that way and want to hang onto the house for some irrational emotional reason or whatever then it is a bad move