💬 “Money is notorious for causing trouble,” says Cullen Farleigh 💷 Forget buying a house with your spouse, with your family, or even on your own, now friends are clubbing together – but money can become a problem, writes KasiaLDelgado
Entering into a mortgage with a partner is, of course, a big commitment, but the hope is that you have similar plans for the future. With friends, the future can be harder to predict, especially if new partners are brought into the mix. “We agreed beforehand to have a five-year plan,” says Farleigh, “and we agreed that those. No moving out of the house, no drastic changes like moving country, or anything like that.
They feel that the reason it’s worked well so far is because in living together and working together previously, they’d stress-tested their relationship. “We knew all the crucial things about each other,” says Soyemi, “we knew about our money situation, and we knew about our spending habits and all that sort of stuff. We’ve worked through challenges in our jobs where we might disagree on something so that set us up well.
This is a fact that Rahul, 32, knows only too well. In 2020, he bought a £270k two-bedroom flat in Birmingham with his school friend. They split the mortgage, paying £125k each. He paid 40 per cent of the deposit, and his friend paid the rest. They wrote a deed of trust, and put it in writing that when they sold the home eventually, they’d split any profit.
“It was great for the first year,” says Rahul. “We were so relieved to be out from under the grip of our rubbish landlords and have our own place. It was an expensive process to buy the flat, get the survey and sort the damp, but we felt it would be worth it for the security.”
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