MORTGAGE GUIDANCE
Joint mortgages: what you need to know
A joint mortgage allows two or more people, subject to the lender’s criteria, to take out a mortgage together. Lenders will normally consider the applicants’ combined circumstances when assessing the application.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
How does a joint mortgage work?
The applicants borrow together and are normally jointly responsible for the mortgage.
01 — Apply together
The lender considers the applicants and proposed property.
02 — Affordability is assessed
Income, expenditure, commitments and other relevant circumstances may be considered.
03 — The mortgage is offered
If approved, the mortgage offer sets out the borrowing and relevant terms.
04 — The mortgage is repaid
The borrowers remain responsible for meeting the mortgage payments in accordance with the mortgage terms.
Who can get a joint mortgage?
Joint mortgages are not limited to married couples. The number of applicants and whose income can be considered varies between lenders, and not every lender accepts every arrangement.
Couples
Spouses or civil partners
Friends
Family members
How much can we borrow?
Having more than one income can affect affordability, but borrowing is not simply calculated by adding together fixed income multiples. Lenders can consider income, expenditure, debts, financial commitments, dependants, mortgage term, deposit or loan-to-value, and their own affordability criteria.
Does a joint mortgage mean equal ownership?
Mortgage arrangements and the legal ownership of the property are related but are not the same thing. People buying together may need to consider how the property is legally owned and what should happen to their respective interests in different circumstances. Legal advice may be appropriate, particularly where contributions or intended ownership shares differ.
What deposit might we need?
Deposit requirements depend on the property, mortgage, lender criteria and your circumstances. Loan-to-value compares the mortgage amount with the property’s value, and may be relevant to the mortgage options available.
What if one applicant has a lower income or credit problems?
Lenders generally assess the application as a whole, although their treatment of individual circumstances varies. One applicant’s debts, financial commitments or credit history may affect the application even if the other applicant has a stronger financial position. Poor credit does not automatically prevent someone obtaining a mortgage.
What information might we need?
Requirements vary between lenders and circumstances, but you may be asked for:
Identification and address evidence
Income evidence for each applicant
Bank statements where required
Details of debts and financial commitments
Deposit evidence
Information about the property
What happens to a joint mortgage if circumstances change?
Events such as separation, one borrower wanting to leave the mortgage, changes in income or one person wanting to remain in the property can require the mortgage arrangements to be reconsidered. Removing someone from a mortgage is not automatic and normally requires the lender to agree, potentially including a new affordability assessment.
Joint mortgage vs guarantor or family support
Becoming a joint borrower is different from other forms of family-supported mortgage arrangement. Different arrangements can create different financial and legal responsibilities, and lender criteria vary.
Can a mortgage adviser help with a joint mortgage?
An adviser can help applicants understand borrowing requirements and assess relevant mortgage options within the scope of their service. Advice does not guarantee acceptance or a cheaper mortgage.
Frequently asked questions
How does a joint mortgage work?
Do you have to be married to get a joint mortgage?
How many people can be on a mortgage?
Does a joint mortgage mean we own the property equally?
Can I get a joint mortgage if one applicant has bad credit?
Can one person come off a joint mortgage later?
Can friends get a mortgage together?
Considering a joint mortgage?
MortgageAdvice.co.uk can connect you with a selected mortgage adviser who can discuss your circumstances and mortgage requirements.
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