Jason Bailey

Expertly compared by Jason Bailey

Products Updated October 12, 2021

 

Compare Joint Mortgages Deals

If you are looking for a purchase a home with two or more people, a joint mortgage can be a great way to maximise your affordability, share the responsibilities and get on the property ladder. Use the calculator and comparison table provided by Lending Expert to access competitive rates and check your eligibility today!

 

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Lending Expert

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

LTV
60% - 100%

Initial Rate
1.19% - 4.32%

Standard Rate (SVR)
3.94% - 4.79%

APRC
3.6%

Type
Variable & 3 ,5 & 10 Fixed Rate

Rated 4.9/ 5

All credit types

The mortgage experts at First Choice Finance can quickly assess your requirements and search the market place to find you the perfect mortgage deal. Click get a quote to make an enquiry today.

Read our customer and visitor reviews for this product:

Rating: 4 / 5 with 2 votes

Simple application process

by K Wheeler

Simple application process - broker was kind and offered advice.

Quick search

by James Hilton

This is a quick mortgage search facility and shows many lenders across the market. Impressed with the level of detail on each product.

Start Your Joint Mortgage Application Today With Lending Expert!

A joint mortgage is a home loan which is shared between two or more individuals. This means that legal responsibility for the loan is shared between the co-owners of the home rather than just for one sole individual. Joint mortgages can be a great option for those looking to buy a home which they may not otherwise be able to afford.

These types of mortgages should not be confused with joint ownership. For example, with joint ownership, both parties own the home. This may mean that they purchased the home together, that one person was added to the title at a later date or that one party gained ownership of the home due to inheritance or receiving the property as a gift. All of this affects the names on the title of the property whereas joint mortgages affect the names on the mortgage application.

Lending Expert is a joint mortgage broker and can compare over 1,000 mortgage deals across the UK. Whilst high street banks will typically offer joint mortgages too, we can help find the best option for you with rates from 1.39% per month, whether you are looking for interest only, fixed, variable, tracker or have a bad credit history.

Start by clicking on ‘Check my Eligibility’ below and enter some basic details about you and your property – and Lending Expert will be able to help you find the best joint mortgage according to your requirements. 

 

Key Features

  • Used for two or more individuals to split the cost of a mortgage
  • Rates from 1.39% per month
  • Borrow up to £2 million
  • Loan Term – 1 to 25 years or upon request
  • Minimum 25% deposit
  • Interest only, fixed, tracker mortgages available
  • Free tool to compare joint mortgages

 

What Is a Joint Mortgage?

A joint mortgage allows two or more individuals to combine their income and assets in order to purchase a home.

Unlike a typical mortgage, joint mortgages allow for multiple names to be put on the mortgage application meaning that legal responsibility for the loan is shared.

The names on the mortgage application and loan documents will specify the names of those responsible for the repayment of the loan. This is regardless of whether or not the individual’s name is part of the home title, meaning that a joint mortgage does not necessarily mean joint ownership.

 

What Areas of the UK Does Lending Expert Cover as a Joint Mortgage Broker?

We proudly offer joint mortgages across the entire UK, Scotland and Wales including Birmingham, Brighton, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham, Newcastle, Sheffield and more.

 

How Much Can I Borrow From a Joint Mortgage?

Speak to an expert today in order to find out how much you can borrow from a joint mortgage.

For joint mortgages, your repayment plan will need to allow for not just your mortgage payments, but also enough to cover any of your joint payments.

 

Can I Get a Joint Mortgage?

  • Aged 25 to 85 years’ old
  • Can make mortgages more affordable
  • Minimum income of £25,000 per year
  • Minimum deposit 25% of overall property value
  • Good credit score
  • Low debt-to-income ratio
  • Strong financial record (limited defaults, arrears)

 

What Other Factors May Impact Eligibility for a Joint Mortgage?

Many different factors could impact your eligibility to secure a joint mortgage. 

These include, but are not limited to, the following:

 

Is a Joint Mortgage the Best Option for You?

Joint mortgages can be a great option for those who are unable to afford a mortgage by themselves. They can be good for couples, friends or relatives who want to buy together and split the cost of the property.

Everyone whose name is on the application will need to meet the lending criteria and each of them will become equally responsible from a legal perspective for making the mortgage repayments. This means that if for any reason one party is unable to make the mortgage repayment for the month, the other person will need to be able to afford to cover them.

You can take out a joint mortgage with up to three other people and this could mean that you are able to enter the property ladder far sooner than you might be able to by yourself. Applying for a mortgage with other people means that you are able to pool your assets and put down a larger deposit, giving you access to a wider range of mortgages. In general, if you are applying for a mortgage in a group, the lenders typically take into account the two highest incomes from the group.

The biggest factor to consider when deciding to take out a joint mortgage is future plans and amount of trust in the relationship. When taking out a joint mortgage, you are entering a long-term financial commitment with another person. Thus, it is important to consider future plans for selling or moving as well as your relationship with that person and how stable it is.

For those having doubts about whether this is the right type of mortgage for you, make an enquiry in order to speak to our team of expert advisors.

 

 

Joint Mortgages & Income

When applying for a joint mortgage, lenders will take the credit scores of all parties into account when assessing if they should offer you a mortgage or not. For those applying as more than two people, lenders will typically take into account the highest two incomes.

If one individual has a particularly high credit score, this can be beneficial for the overall application as it betters the chances of successfully securing a mortgage.

 

Joint Mortgage Providers

Many lenders on the market offer competitive rates for joint mortgages. 

At Lending Expert, we compare the joint mortgage market in order to find the best provider to suit your needs. 

Rather than approaching the lenders directly and dealing with their in-house advisors, working with a mortgage broker will offer impartial advice to get you the best deal on the market.

 

How Do I Compare Joint Mortgage Rates?

Working with a mortgage broker such as Lending Expert will help you find the best mortgage to suit your circumstances without impacting your credit rating.

Contact us today to speak to an expert and start comparing joint mortgages to find the best option for you.

 

What To Consider Before Getting a Joint Mortgage

Prospective buyers should always consider the following factors before deciding to take out a joint mortgage: 

  • Monthly income of all parties
  • Job stability of all parties
  • Relationship between parties
  • Any large future outgoing payments
  • Interest rate
  • Stamp duty

 

What Happens if I Do Not Keep Up With Repayments?

If one party of the joint mortgage is unable to meet their repayment for the month, the other party, or parties, will need to be able to afford to cover their payment.

 

What Happens if You Want To End the Joint Mortgage Agreement?

If you have taken out a joint mortgage with someone and, for whatever reason, the relationship comes to an end or one of you is looking to move on, there are different options available.

Getting out of a joint mortgage can be fairly complicated from a legal perspective which is why it is always important not to enter these decisions lightly. When looking to take your name off the mortgage, there are many different steps and it is best to seek professional advice.

In the case of separation or divorce for couples who have taken out a joint mortgage together, the property can be sold or one of the couple could buy the other out.

If you choose to buy someone out of a joint mortgage, you will need to arrange a ‘Notice of Correction’ in order to officially remove their name from the mortgage. Additionally, you will need to have the property professionally valued in order to determine how much equity each party has in the property. This can be less straightforward if one person puts down more money up front than the other.

When buying someone out, you will need to be able to have significant savings to full back on. You can also remortgage, although this will mean being able to afford repayment on your own.

If you do decide that you want to remove a name from a joint mortgage, you need to first speak to your existing lender and see if you will incur any costs for early repayment charges. There is then a legal process called ‘transfer of equity’ for the person leaving the mortgage to transfer their legal responsibility over to the individual who is staying in the mortgage agreement.

Before undergoing the process of removing someone from the joint mortgage, always seek professional advice and make sure to take into account any small print on the mortgage or title deeds.

 

Why Use Lending Expert as Your Joint Mortgage Broker?

Working with a number of high street banks and specialist mortgage lenders, Lending Expert has access to over 1,000 mortgage deals available and is in the perfect position to help you get approved and get the best rates.

Our eligibility checker is completely free to use and can provide an indicative quote, with no obligation. 

Founded in 2013, we have years of experience working in the secured loan and mortgage market and have helped thousands of customers to date. Our values have always been to find the right product for the right individual at the competitive rate – and we are pleased to offer our services for you today!

FAQ

Getting a joint mortgage with friends or a partner can be one way to get onto the housing ladder, but there are plenty of things to think about before you take the plunge as you will then be bound up in a legal contract of part-owning a house with these people.

The first thing you should do, particularly if buying with friends or family, other than a partner, is to think realistically about the implications of buying into a long term deal. If you are only planning on staying somewhere for a couple of years or you know that you could move location with your job, then it would perhaps be unwise to jointly buy a house with other people as it could cause you financial difficulties in the future. You will also need to think carefully about what might happen if you meet a partner and wish to live with them. There may be restrictions on you renting out your room because of the mortgage details, so you have to be sure that you will be able to keep up your share of the mortgage payments.

There are two main types of joint mortgage agreement. The first is the type that is most suitable for friends and family buying together as essentially everyone gets their own bit of the house rather than buying it together. This allows up to four people to buy into a property and also allows an unequal split between the buyers who may have different shares of the house, and therefore different shares of the mortgage to pay. Under this type of mortgage if you die your share of the property will automatically go to your next of kin, or whoever you nominate in your will, rather than the other shareholders in the house. Buying someone out of the property can also be fairly complex as in some cases you may find that you are liable to pay stamp duty on the full value of the property.

The other type of joint mortgage agreement is the joint tenancy agreement. This type of joint mortgage is particularly suitable for a couple, whether they are married or in a civil partnership, or even if they are in a stable and committed relationship. In this type of mortgage each person has an equal share of the property, which also includes any profit that is made when you come to sell the property. Should one of you die while you both own the house, the house will then transfer fully to the other person. You are not able to transfer the property to anyone else under either will or intestacy.


No matter which one you choose, if one person defaults on their payments the rest of the tenants named on the deeds will be liable for the payments instead. If the mortgage payments go into arrears then it is possible to gain a poor credit rating from someone else’s inability to make mortgage payments so make sure you get plenty of legal advice, and preferably a legal agreement to cover these eventualities.