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.