1. Ensure everyone has a full credit report, and that they set up banking arrangements to pay their share. Most lenders insist you set up a special bank account for the loan – you all pay into this each month.
2. Remember there’s more to buying than the mortgage. You’ll have to pay insurance and maintenance – set up a fund you pay into each month that will take help with breakdowns and repairs.
3. Get legal points sorted before buying the property. A Declaration of Trust (around £400) will set out how everything is shared, including ownership, bills and other fees. Each person should make a will.
4. Ensure your legal position is as “tenants in common”. This allows each buyer to own a different percentage – and, even if all the shares are equal, sell their portion independently.
5. Make a list of what each person owns and what is owned collectively together with its value.
6. Always keep paperwork filed tidily and accessible to all.
7. Which? Mortgage Advisers 0117 911 1812 - can help with what is possible and what is not.