Securing a mortgage with a partner.
A joint mortgage means a loan is taken out in two names, splitting the responsibility and liability between each of the applicants.
Purchasing with a Partner or Friend
Whilst purchasing with another person does allow couples to pool their income and potentially enhance their buying power, there are many things to consider.
For example, when you purchase a property with another person you can either become “Joint Tenants” or “Tenants In Common”. This choice can have profound effects in the future.
You also need to consider carefully how to protect your home if something should happen to the other person.
Of course there are also the usual questions, such as the type of loan you should go for — fixed or tracker, for example — but in the current market lenders are far stricter with their lending criteria. Because of this, the knowledge and contacts of a professional mortgage broker such as Coreco can be the difference between a costly mortgage and a competitive one.
When applying for a joint residential mortgage, it’s vital to not only get a competitive interest rate but also to find a product that suits your lifestyle and needs.
Luckily, help is at hand. That is where obtaining professional advice and a hand to hold throughout the whole process can address all of these questions and more.
If you want to know how to avoid the pitfalls, from preparing to enter the mortgage maze to receiving the mortgage offer that helps you purchase your dream home, our simple, 10-step jargon-free guide will help you take the right turns and ensure a stress-free and smooth mortgage process.
Things to consider
Do I want the security of fixed monthly payments?
How am I going to pay the loan back?
How much can I borrow?
How much deposit do I have?
Do I have money set aside for fees such as legal costs and stamp duty?
What exactly does the mortgage process involve?
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.
A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.
Get in touch with us now
However unique your path, rest assured that Coreco is here to help at every turn your life takes.
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