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Joint Mortgages

Define : Joint Mortgage

A joint mortgage is a loan by a bank or building society that is secured on a property taken out in the names of two or more people. A joint mortgage means you are both responsible and liable for the mortgage payments, “jointly and severally”. So, if one of you is unable to contribute for whatever reason, the other must cover the whole of the mortgage, not just their share.

Purchasing with a Partner

Purchasing a property with a partner is of course a wondrous thing, but it is a commitment, not just to each other, but to the mortgage lender as well.

Whilst this 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 your partner.

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.

Things To Consider

  • How much can we borrow?
  • How much deposit do we have?
  • How are we going to pay the loan back?
  • Do we want the security of fixed monthly payments?
  • Do we need flexibility to make lump sum payments?
  • Can we keep our existing property?
  • What if one of us wants to move on?
  • What if one of us gives up work?
  • How much will we need to pay in fees?
  • How do we know the property is worth what we are paying for it?

Luckily, help is at hand. That is where obtaining expert 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.

Coreco Mortgage Guide

Further Information

Coreco have access to 11,000 mortgages from 90+ lenders across the UK, whether that be High Street, broker only lenders, Private Banks, Offshore lenders, small building societies or specialist loan providers. We even have access to exclusive products that are not available on the open market.

All our professional advisers are here to act for you, first and foremost, not only helping you to choose the most suitable mortgage, but guiding you through the process with ease from start to finish.

Coreco, helping you to own and protect your new home.

Bow Terrier

Mortgage Guides

This is Bow, he’s a plucky little Boston Terrier and knows a thing about mortgage applications. His owner, Patrick, is one of our clients and Bow here helps with his paperwork. If there’s anything you need to know about mortgage applications or the paperwork entailed then check out our advice hub – it has everything you need!

View the mortgage guides

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Jet Glover – October 2013

Efficient & Friendly

Adviser: Sam Warren C1018039