Joint mortgages
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Joint mortgages
There’s no denying that getting on the property ladder is difficult, especially with house prices continuing to rise. But, for many, a joint mortgage helps to soften the financial blow.
Whether you’re buying with a partner, a friend or a family member, a joint mortgage enables you to combine your income and savings to increase your borrowing power, share the costs of buying a property and be homeowners.
If you’re looking for a joint mortgage, the Everest Mortgage brokers can help you find the right one for you.
How do joint mortgages work?
A joint mortgage works in a similar way to many other mortgages, including first time buyer mortgages, but the loan is taken out by more than one person. Usually, joint mortgages are between two people, but some lenders allow up to four applicants. With a joint mortgage, each borrower is jointly responsible for the mortgage payments and has a share in the property ownership.
This type of mortgage is particularly popular among couples buying their first home together, siblings or family members putting their money into one pot to purchase a house, and friends investing in a property together. Joint mortgages are also commonly used by parents helping children onto the property ladder and business partners buying a property for commercial use.
Once you’ve been approved for a joint mortgage, all named parties share equal responsibility for repaying the mortgage. This means if one person can’t pay, everyone else must cover the full repayment amount.
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Here’s what joint mortgage lenders look at
By combining incomes, joint applicants can usually borrow more and secure a property that might otherwise have been out of reach. But, this means that mortgage lenders want to look into everyone’s finances.
Lenders will assess each applicant’s financial background, including income, credit history and existing financial commitments, before determining how much you can borrow together. The combined annual income of all applicants, credit scores and any previous credit issues, monthly expenses, outstanding loans and the deposit size will all be taken into account.
The benefits of a joint mortgage
Increased borrowing potential
By combining two or more incomes, you can usually increase your borrowing potential, giving you access larger, more expensive properties.
Shared homeownership costs
With a joint mortgage, you’re not doing everything alone. Deposits, solicitor fees, stamp duty and mortgage repayments are split between applicants, making homeownership more affordable.
Easier to get on the property ladder
Putting all your savings together makes it a lot easier to get on the property ladder, as you’ll reach your deposit target faster and have more properties to choose from.
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Things to consider before getting a joint mortgage
There are undeniable benefits of getting a joint mortgage as a buyer, especially when it comes to making property ownership more achievable, but it’s also a long-term financial commitment that shouldn’t be rushed into.
As all applicants are jointly liable for the property, everyone else has to cover the cost if someone is unable to pay. It also means that your credit reports are linked for the duration of the mortgage, tying you together financially. There’s no knowing what’s around the corner and if one person suddenly decides they want to sell, you’ll need to navigate what to do with their share.
This is why it’s important to work with a mortgage broker – like the experts here at Everest Mortgage – who can ensure you find a joint mortgage that’s structured in the right way for your circumstances.
Joint tenants vs. tenants in common
There are two ways to split the equity of a property when you have a joint mortgage; you can be joint tenants or tenants in common. If you decide to sell the property in the future and go your separate ways, the money will be split depending on the type of mortgage you have.
- Joint Tenants Mortgage – This is when all owners hold an equal share of the property, and if one owner dies, the property automatically passes to the surviving owner. This type of mortgage is most common amongst married couples and long-term partners, as you can’t sell or transfer your share of the property without the other owner agreeing.
- Tenants in Common Mortgage – This is when each owner holds a specific share of the property, and the share usually reflects how much each person contributed to the deposit or mortgage. For example, 70/30 or 80/20. This tends to be the most common type of mortgage amongst friends or relatives buying together, and you can sell, transfer or leave your share to someone else.
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Joint borrower sole proprietor (JBSP) mortgage
There are a lot of mortgage options out there and you’ve probably heard of many, such as first time buyer mortgages, standard variable rate mortgages and 100% mortgages. But, have you heard of a Joint Borrower Sole Proprietor mortgage?
A Joint Borrower Sole Proprietor mortgage – also known as a JBSP mortgage – is a flexible mortgage for families looking to buy a property together, and it’s especially beneficial for parents helping children to buy their first home.
With a JBSP mortgage, more than one person is named on the mortgage, but only the main borrower owns the property. This allows family members to contribute to mortgage repayments, without owning part of the property. It can improve affordability and borrowing potential for first time buyers, and it legally binds both parties to repayments from the very beginning. However, they have the ability to decrease their contributions over time, as and when the main borrower becomes more able to cover the cost.
Expert joint mortgage broker
There are a lot of joint mortgages out there, and knowing where to start can be difficult. You need to know whether a joint mortgage or tenants in common mortgage is right for you, and you need to know how your finances, credit report and income are going to work together. You don’t want to get it wrong, which is why it’s best to work with a joint mortgage broker.
With access to a wide range of lenders, and advice based on your relationship and property ownership goals, the Everest Mortgages team is on hand to help. We’ll help you to compare interest rates, mortgage structures and repayment terms, before securing a deal that works for all parties.
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John is a CeMAP-qualified, whole-of-market mortgage adviser and Director of Everest Mortgage Services. With over 21 years in financial services, and a track record of 1,000+ mortgages arranged.
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FAQs
Frequently asked questions
Can I get a buy to let joint mortgage?
Yes, you can get a buy to let joint mortgage. By doing so, you can split the responsibility and cost of a buy to let mortgage, whilst guaranteeing both parties an additional income stream.
How many people can be on a joint mortgage?
Most lenders allow two applicants on a joint mortgage, but some will consider three or four. Joint mortgages are most commonly taken out between couples, but groups of friends can benefit from three or four people being included.
Can I get a joint mortgage with my parents?
Yes, and a lot of people do. Joint Borrower Sole Proprietor mortgages are especially popular when parents are helping their children to get on the property ladder, as this type of mortgage allows parents to help with repayments without being named as an owner.
How much deposit do you need for a joint mortgage?
Though 100% mortgages and 95% mortgages are available, the minimum deposit for a joint mortgage is usually around 10%, though this depends on the lender and your credit history.