Did you know that you can get a mortgage that has both of your names on it rather than just one person’s? A joint mortgage.
A joint mortgage can be a great way to share responsibility but it is also important to understand how it works.
What is a joint mortgage?
A mortgage for a property with more than one name on the agreement.
Everyone named on the mortgage is responsible for making repayments. You can decide between you how you share the equity in the property.
Where can you get a joint mortgage?
Most lenders will happily agree to joint mortgages but it is always advised to speak to an expert before making a decision.
If you want to know which lenders will agree to a joint mortgage please get in touch.
Do we have to be married?
No. Joint mortgages are typically taken out by couples but you can be married, unmarried or in a civil partnership. You could also take out a joint mortgage with:
– One or more friends or family members you plan to live with
– A friend or family member who wants to help you afford a property or buy part of one as an investment
– A business partner who wants to invest in property with you
Most joint mortgages are for when two people buy together but some lenders will allow up to 4 people to share.
How much do joint mortgages cost?
A joint mortgage is worked out based on both of your incomes and the size of the deposit you have together. It is best to speak to a mortgage advisor to work out how much you will actually be able to borrow.
A joint mortgage can be largely beneficial, especially when it comes to splitting fees so it’s worth chatting with your advisor to work out what your best options are.
Do you think a joint mortgage would be beneficial to you?