The majority (60%) of millennials said they would consider taking out a mortgage with family or friends if it meant they could get their foot on the property ladder, according to M&S Bank.

The lender discovered that over half of young people (54%) have less than £1,000 saved for a deposit, but taking out a group mortgage means they can pool deposits as well as sharing monthly repayments.

This is important when you consider that two-thirds of millennials reckon it is trying to save up a big enough deposit that is holding them back from buying.

But, if you are considering buying with a group, how do you know if someone would make a good housemate and mortgagemate?

Top housemate qualities

Reliability is key for millennials who said the most important quality in a housemate was someone that will pay the bills on time. This was true for more women (65%) than men (47%).

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Almost half (43%) of women aged 18-30 said they’d need a housemate who is up for the occasional indulgence, perhaps with the odd takeaway or two. That’s ten percent more than men (33%).

And more than half (56%) of women aged 18-30 said clean and tidy housemates are a must. By comparison, only 43% of millennials males said this was an important housemate trait.

M&S Bank’s head of product, Paul Stokes, said: “You can take out a mortgage with up to four people, which could be friends, siblings or other family members, a partner, colleagues or other like-minded professionals. The key thing is that you get on and have discussed every aspect of the arrangement in full.”

The lender cautions those buying together to talk deposits early on. You’ll need to decide as a group how much each person can and will contribute to the deposit, and then how the monthly repayments will be split (what you pay each month towards the mortgage), and how the equity (or ownership) of the property will be split.

You also need to discuss your plan when it’s time for someone to move on, explains Stokes: “Nothing is forever, circumstances change, and it’s inevitable that someone in the group will want to move on at some point. But, just as you would when signing a lease agreement for a number of years, it’s important to discuss up front what you would do in these circumstances.

“There are a number of options depending on your circumstances, but the key thing is to have these open conversations upfront, which is why it’s really important to select mortgage-mates you can have honest and frank discussions with.”