With joint mortgages increasing in popularity, particularly among first-time buyers looking for the most affordable way of getting on the property ladder, the Building Societies Association has highlighted the importance of fully considering such a commitment.

Significantly, not all lenders offer similar terms and conditions with their joint mortgage products, with some allowing the holders to pay different repayment rates according to their salaries, the organisation noted.

However, all parties will be jointly liable should the repayments not be made, meaning that entering into such a financial commitment with a friend or somebody well-known and trusted, is crucial.

"You need to make sure you actually know your friends- that is the key to it," said Neil Johnson, PR policy manager at the BSA.

"Hopefully people have a plan for what they would do should somebody decide to move, because the implications if you don't have that agreement in place can be quite severe for the people concerned," he added.

Currently 22 lenders in the UK offer home loans on a shared ownership basis, the majority of them being building societies.