Struggling to get a mortgage in this tough market? You’re not alone. More and more Brits are teaming up with family members and even friends to get on the property ladder.

New research from Equifax UK reveals that almost one in five people who’ve gotten a mortgage have done so with someone other than their partner. It’s not just lovers who are joining forces; friends, family, and even cousins are teaming up to make their homeownership dreams a reality.

Why are people choosing joint applications?

The answer is simple: affordability. With the cost of living soaring and house prices remaining high, many are finding it difficult to qualify for a mortgage on their own. A joint application can increase borrowing power, making that dream home more achievable.

In fact, over a third of those surveyed (34%) admitted that a joint application was necessary to secure the loan amount they needed. This figure jumps to a staggering 58% among those aged 18-34, highlighting the struggles faced by younger generations.

Who are people teaming up with?

While partners remain the most common choice for joint mortgage applications, the research found that:

• 17% of mortgage holders have applied with someone other than a partner.
• 9% have teamed up with a friend.
• 7% have applied with a parent.
• 6% have joined forces with a child or grandchild over 18.
• 5% have applied with a sibling.

What else are people using joint credit for?

Mortgages aren’t the only thing people are joining forces for. Joint credit applications are also popular for:

• Home renovations (34%)
• Travel and holidays (34%)
• Emergency expenses (34%)
• Large purchases (32%)
• Weddings (24%)
• Business expansion (24%)
• Building credit history (23%)

Craig Tebbutt, Chief Strategy & Innovation Officer at Equifax UK, says: “The affordability landscape in the UK has shifted, average income to house price ratios have widened, and consumers are increasingly thinking outside the box about how they use credit to achieve their goals. Spouses have long been our ‘go-to’ credit partners, particularly for larger loans like a mortgage, but this won’t be an option for everyone and responsible borrowing alongside wider family and even friends unlocks more options to boost financial inclusion.”

So, if you’re feeling the squeeze and struggling to make your money stretch, a joint credit application with a trusted friend or family member could be the answer. Just remember to do your research, discuss your financial situations openly, and make sure it’s the right decision for everyone involved.