• Joint Mortgages
• Joint Remortgage Quote
• Joint Mortgage Quote

Loan Calculator
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Interest Rate (APR):	5% 5.2% 5.4% 5.6% 5.8% 6% 6.2% 6.4% 6.6% 6.8% 7% 7.2% 7.4% 7.6% 7.8% 8% 8.2% 8.4% 8.6% 8.8% 9% 9.2% 9.4% 9.6% 9.8% 10% 10.2% 10.4% 10.6% 10.8% 11% 11.2% 11.4% 11.6% 11.8% 12% 12.2% 12.4% 12.6% 12.8% 13% 13.2% 13.4% 13.6% 13.8% 14% 14.2% 14.4% 14.6% 14.8% 15%
Monthly Payment:

• Advantages of a Joint Mortgage

Advantages of a Joint Mortgage

There are plenty of reasons why getting a joint mortgage could prove to be beneficial. In the current property market, when house prices are high and over 8 times the cost of an average UK salary, it is very difficult for many people to get on the bottom rung of the property ladder.

For many it is an impossible task and so they have been looking at other ways to go about buying a property. Joint mortgages allow 2 or more people to get together and buy a house between them. This could be the more traditional route when a married couple or co-habiting couples buy a property together, but it is becoming more common for friends and family members to group up and buy together.

Saving a deposit

Having one person save an amount of money for a deposit can be a slow process and for some it isn't possible to raise a deposit that is needed for a property. Most mortgage lenders will need you to have a minimum deposit of 5% of the property value. For a £100,000 property, this equates to £5000. If there are 2 people saving for a joint mortgage, it is much easier for each person to raise £2500 rather than one person raise the whole amount.

Borrow more money with a joint mortgage

Mortgage lenders determine how much money they can lend you according to your income. By combining joint salaries, you are likely to be able to raise more finance for your desired property. Mortgage lenders will often multiply an income by 2.5 - 3.5 times to obtain the sum of money they are prepared to lend. Obviously if 2, 3 or 4 people are applying for the joint mortgage, this will mean you are eligible to borrow more money than if you were trying to apply for a mortgage by yourself.

More opportunities

If you are able to borrow more money by getting a joint mortgage with a partner, friend or family member you are more likely to be able to buy a nice property in a desired location rather than starting at the very bottom of the housing market. You could also buy a larger house than you need which could give you an extra bedroom which you could rent out or which will allow your family to grow.

You will be advised to take out a legally binding joint agreement if you are taking out a joint mortgage. Whilst not compulsory it is highly recommended in case there are any changes to personal circumstances in the future. Illness, redundancies and job losses can reduce monthly incomes and make it difficult for one person to pay their share of the mortgage, or one owner may wish to leave. With an agreement, your investment into the property will not be lost and your home should not be put at risk.