Buying Differently Readiness Check

Income, deposit, debts, emergency savings and comfort talking about money.

1. 1.

   How stable is your income right now?

   Lenders look at employment history and predictable income. Co-buyers also need confidence that each person can keep paying their share.

   Stable — permanent job or reliable ongoing incomeMostly stable — some variation but predictableVariable or uncertain at the moment
2. 2.

   How does your available deposit compare to the kind of property you're considering?

   A larger deposit usually unlocks better mortgage rates and lowers monthly payments.

   I have at least 10% of a realistic target price savedI have 5–10% saved or could reach 10% within my timeframeMy deposit is currently below 5% or I'm unsure of the target
3. 3.

   How would you describe your current monthly debt and financial commitments?

   Existing loans, credit cards and car finance reduce how much a lender will offer and leave less room for mortgage payments.

   Low or none — my outgoing commitments are manageableModerate — I have some commitments but they feel under controlHigh — a significant chunk of my income is already committed
4. 4.

   Do you have emergency savings separate from your deposit?

   Owning a home brings unexpected costs. A separate safety net protects both you and any co-buyer if income drops or a boiler breaks.

   Yes — roughly 3–6 months of essential costs set asideSome — less than 3 months but I'm building itNo — my deposit is my only savings
5. 5.

   How comfortable are you having open conversations about income, debts and savings with a potential co-buyer?

   Co-buying means sharing financial reality early. Avoiding the conversation usually causes bigger problems later.

   Very comfortable — I've done it or I'm ready toA bit uncomfortable, but I know it's necessaryI'd prefer not to share detailed financial information

Location, property expectations, budget, timeframe and willingness to compromise.

1. 1.

   How clear are you on where you'd want to buy?

   A broad sense of area helps everyone compare budgets and lifestyles before falling in love with one property.

   Clear — I can name specific areas or postcodesBroad — I have a region or city in mindUnclear — I haven't narrowed it down yet
2. 2.

   Have you thought about the type of property that would work for you?

   Different property types bring different costs, responsibilities and compromise points.

   Yes — I know what type and size I needSomewhat — I have preferences but I'm flexibleNot really — I haven't got that far
3. 3.

   How realistic does your target budget feel for the area you're considering?

   A gap between aspiration and affordability is common; recognising it early is the first step to closing it.

   Realistic — I've checked sold prices and mortgage estimatesPossibly realistic — I need to verify itUnrealistic or I haven't checked yet
4. 4.

   What is your likely buying timeframe?

   Timeframe affects how much you can save, how urgently you need to agree things, and what mortgage options might suit.

   Within 12 months or 1–2 years2–5 yearsJust exploring / no fixed timeframe
5. 5.

   How willing are you to compromise on location, size or condition?

   Buying with others almost always involves compromise. Rigidity in one area can make matching with a co-buyer much harder.

   Willing — I know I'll need to give on some thingsSomewhat willing — a few things are non-negotiableUnwilling — I have a very fixed idea of what I want

Whether you know a potential co-buyer, your relationship, shared ownership comfort and money discussions.

1. 1.

   Do you have someone in mind that you might buy with?

   Buying with someone you already know changes the conversation compared with finding a match later.

   Yes — a partner, family member or close friendMaybe — I have one or two possibilitiesNo — I don't have anyone in mind yet
2. 2.

   How would you describe your relationship with that person (or the kind of person you'd want to buy with)?

   Trust and honest communication matter more than friendship length when things get stressful.

   Very strong — we can talk openly about difficult topicsGood, but we haven't tested it under pressureUncertain or I don't know them well enough yet
3. 3.

   How do you feel about the idea of shared ownership and joint responsibility?

   Co-buying means someone else's decisions affect your home and your finances. Being comfortable with that shared risk is important.

   Comfortable — I understand the shared responsibilityCautious but open — I want the right protections in placeUncomfortable — I prefer full control
4. 4.

   Have you and your potential co-buyer discussed financial expectations?

   Agreeing early on budgets, deposits and monthly contributions prevents painful surprises during the purchase.

   Yes — we've talked about deposits, incomes and monthly budgetsBriefly — we've touched on it but not in detailNo — we haven't discussed money yet

Ownership shares, unequal deposits, monthly contributions, maintenance and what happens if things change.

1. 1.

   Have you thought about how ownership shares should be split?

   Shares can match deposits, mortgage contributions or be equal. The right structure depends on what everyone puts in.

   Yes — I understand the main options and have a preferenceSomewhat — I've heard of joint tenants and tenants in commonNo — I assumed it would just be equal
2. 2.

   Have you considered what happens if one person puts in a bigger deposit?

   Unequal deposits are common. Recording the real split in a Deed of Trust protects the person who contributes more.

   Yes — I know how this can be recorded fairlySomewhat — I know it should be written downNo — I hadn't thought about that
3. 3.

   Have you thought about how monthly costs would be split?

   Mortgage, bills, repairs and insurance all need agreed rules. Splitting by ownership share, by use, or equally each have different implications.

   Yes — I've thought about mortgage, bills and a maintenance potSomewhat — I've thought about mortgage and billsNo — I assumed we'd just split everything 50/50
4. 4.

   Have you considered who would be responsible for repairs and maintenance?

   As an owner you can't call a landlord. A broken boiler or roof is your joint problem and needs a plan.

   Yes — we've discussed a maintenance pot and decision rulesSomewhat — I know it's our responsibilityNo — I hadn't thought about ongoing costs
5. 5.

   Have you thought about what happens if someone wants to sell, can't pay, or circumstances change?

   Every co-buying agreement needs an exit plan. Agreeing it while everyone gets on is far easier than during a crisis.

   Yes — I've thought through notice periods, buyouts, forced sale and death/illnessSome of these — but not allNo — I haven't thought about exits yet