Friends buying homes jointly is a relatively untried and untested plan, so lending institutions may have to be convinced. The ability to repay is the main criteria. Draw up a financial plan and detail your joint earning capacity.

Legal contracts are of crucial importance. Think of all eventualities. Pay over the odds for a proper contract.

Make a will so that your co-owners know where they stand in the event of you dying.

Put a time limit on the agreement. It can be subject to review but give the property time to appreciate in value.

Decide whether you will own the property jointly or as tenants-in-common. In the former case, each owns the whole of the property with the other. In the latter case, each only owns a share.

Make sure you can live with your co-owners and can agree on the same colour scheme. Trust is essential.

Consider the doomsday scenario - and work backwards.