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Who can you buy your first home with?


Unless you have a high personal income or a large deposit saved up, buying your first home can be tricky. To open up your options, you could consider involving other people in your home purchase.

Buying with someone else lowers the cost and allows you the chance to hop on the property ladder. However, it’s important to be aware of the benefits, limitations and risks that go alongside owning a property with someone else. 

You might need to ask some tough questions before considering owning a property with someone else. It may feel uncomfortable, but it’s better to ask beforehand to avoid any sticky situations later. These questions might include their finances, living at the property, maintenance, and discussing potential situations such as one person losing their job or wanting to sell.  

So who can you buy your first home with? We’ve put together some pros and cons for you to consider. 


Buying with a Partner/Spouse


  • Shared income and expenses
  • Higher purchase price 
  • More choice


  • Less personal choice
  • Shared decisions (this can be both positive and negative)
  • If deposits are unequal, may require a plan or agreement

Buying with a Family Member


  • Family security – could have family money contributed 


  • Need to have shared values, attitude towards money and a good relationship

Buying with a Friend


  • Shared deposit 
  • Shared income


  • Funds for deposit may be unequal
  • Agreement to confirm an exit plan if required

Buying with Parents


  • Usually very good deposit, or can use equity in Mum and Dad’s place
  • Better property possible


  • Less choice – parents may want to have a say
  • Can be tough to relax if parents’ property is used as equity for the purchase


If you’d like to discuss your first-home-buying options, get in touch with our team of expert mortgage advisers today.


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