In our weekly series, readers can email in with any financial dilemma and enter the Money Moral Maze.

Are your friends racking up big drinks tabs and then trying to split the bill equally; is your partner overspending on your joint account? No matter your dilemma, email in anonymously, and the The i Paper’s money and business team will do our best to answer.

This week’s dilemma can be found below – email us at money@inews.co.uk with yours.

Dilemma

As a 32-year-old living in Manchester, my friends and I have struggled to break into the housing market.

With skyrocketing prices and a lack of affordable options, the dream of owning a home feels more elusive than ever.

After many discussions over pints at our local pub, my two friends and I decided to take the plunge and buy a house together. It seems like the only feasible way for us to get onto the housing ladder.

While we’re all excited about the prospect of homeownership, I can’t shake the anxiety that comes with the decision.

We’re all professionals with stable jobs, but I worry about how the stresses of mortgage payments and shared responsibilities could strain our friendship.

What if one of us faces money troubles and can’t keep up with the mortgage payments? How will we navigate disagreements about renovations, bill payments, or even who gets to choose what we watch on a Friday night?

I worry that these financial ties could overshadow our bond.

The current housing market in the UK is daunting, especially for young people like us.

With prices continuing to rise and demand outstripping supply, it feels like we’re racing against time to secure a mortgage before the situation worsens.

Co-owning a home could offer us stability and an opportunity to invest in something long-term.

But is this decision purely financial, or are we risking our friendship in the process?

Emily Braeger, The i Paper’s money reporter, replies

Navigating the complexities of co-owning a property can be daunting, especially when emotions and finances intertwine.

To start, I would prioritise creating a comprehensive legal agreement that outlines each person’s responsibilities.

This should cover financial contributions, how decisions about the property will be made, and what happens if someone wants to sell their share or can’t keep up with payments for whatever reason.

A solicitor who specialises in property law can help you do this – it won’t take you long to find one on Google.

It’s essential for you to discuss your combined incomes because this will affect how much you can borrow. And it’s important to ensure that everyone is comfortable with the financial obligations.

Insurance is another crucial aspect to consider. Investigate the necessary policies for the property, including buildings and contents insurance.

You may also want to look into life insurance to cover mortgage payments in the event of an unexpected death.

While this may seem dramatic, and this may be a difficult topic to discuss, having a financial safety net can ease tensions down the line.

Open communication really is key here. Establishing what everyone wants out of the situation and what everyone can afford will help prevent misunderstandings and conflicts.

Being proactive will not only assist you in navigating challenges together, ultimately, it might strengthen your bond rather than risking it.

Your friendship is valuable and preserving it may sometimes mean choosing to delay or find alternative housing solutions.

But, with a bit of time, honesty and commitment, co-owning a property with friends could work out perfectly for all of you.

Good luck!