Press Release

16 May 2018

Millennials turning to joint mortgages to achieve dream of home ownership

  • M&S Bank research shows the majority of millennials would take out a mortgage with two or more people to get a foot on the property ladder
  • 59 per cent of 18-35 year olds have less than £1,000 saved for a deposit
  • M&S Bank offers a mortgage for four and £1,000 cashback for first time buyers

Buying with multiple friends or siblings is becoming an increasingly popular option for young, aspiring homeowners, according to new research from M&S Bank. The majority (60 per cent) of those aged 18-35 said they would consider taking out a mortgage as a group to make home ownership a reality (compared to 26 per cent of people aged over 36).

The M&S Bank study, which surveyed 5,000 people across the UK, found that a fifth (20 per cent) of people aged 18-35 do not believe they will be ever be in a position to own their own home, with a mortgage for up to four being their only option to realise their property dreams. Saving for a deposit was stated as the main barrier, with the majority (59 per cent) of 18-35 year olds having less than £1,000 saved up.

The move towards shared ownership is reflective of the lifestyles of millennials today, many of which have no option other than to rent, according to M&S Bank.

Paul Stokes, Head of Products, M&S Bank, commented: “Many young people are trapped in Generation Rent because house prices seem increasingly out of reach.

"For many, home ownership appears possible only through sacrificing certain aspects of their current lifestyle – be that moving to a different area, moving to a smaller property than they’re renting, or seeing their disposable income take a significant hit.

"But our research has shown that millennials are keen for an alternative option – and joint home ownership is one of them – from housemate to mortgage-mate is a natural progression which can enable more people to achieve the otherwise unattainable – their dream of property ownership."

The M&S Bank research found that the most popular companion choice for 18-25s, after living with a partner (58 per cent), is with friends (25 per cent). This was significantly higher than siblings (1 per cent) and colleagues (1 per cent).

A whopping 95 per cent of 18-25 year olds stated there were benefits to living with others, which included having company at home (62 per cent), sharing the financial responsibility of a home (58 per cent), and having someone to cheer you up when you’re feeling down (57 per cent). More than two fifths (41 per cent) even said that having a buddy to binge watch a good box set with is the mark of a good housemate!

Paul Stokes added: "Living with and buying a house with friends or family members alleviates the financial pressure of trying to afford home ownership alone – which is unattainable for many. The option of becoming a mortgage-mate is particularly appealing to those already in a housemate arrangement, and our research shows that the concept has become increasingly popular with millennials."

To support those purchasing their first home, M&S Bank offers an option for up to four borrowers who will live in the property to take out a mortgage together. To further assist first time buyers, M&S Bank is offering a market-leading £1,000 cashback exclusively for those purchasing their first home, plus a free valuation.

For further information about M&S Bank's mortgages for first time buyers, visit


Notes to Editors

The survey was conducted by Censuswide from 29th March 2018 – 4th April 2018 with a sample size of 5,000 people.

For further information please call the M&S Bank press office:

Louise Wheble on 01244 686 177 /

Nikki Backler on 01244 686 856 /

Alex Henshall on 01244 686 092 /

Neil McCarrick on 01244 686615 /

About M&S Bank

M&S Bank (the trading name of Marks & Spencer Financial Services plc) launched in 2012 on the foundations of M&S Money, which was established in 1985 as the financial services division of Marks and Spencer plc. In November 2004, HSBC bought 100 per cent of the share capital of Marks and Spencer Retail Financial Services Holdings Limited.

Today, M&S Bank operates as a joint venture arrangement between HSBC and Marks & Spencer, however, M&S Bank has its own banking licence and its own Board.

M&S Bank offers a broad range of financial products, including current accounts, the M&S Credit Card, and a range of loans, savings and general insurance products, while its travel money offering boasts the widest range of currencies available on the high street. M&S Bank has 29 branches and over 120 bureaux de change located in M&S stores across the UK. M&S Bank services almost 4 million customers.


HSBC serves c17 million customers in the UK and employs approximately 43,000 people. In the UK, HSBC offers a complete range of personal, premier and private banking services including bank ac-counts and mortgages. It also provides commercial banking for small to medium businesses and corporate and institutional banking services. HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc.

The HSBC Group

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,900 offices in 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,492bn at 30 June 2017, HSBC is one of the world’s largest banking and financial services organisations.

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