What is a joint mortgage?
A joint mortgage is a type of mortgage that allows two people to buy or own a residential property or a buy to let property together. It provides benefits such as lower interest rates and tax savings. A joint mortgage is usually used when two people want to purchase a house together.
Can I take joint mortgage with my friends?
Yes, you can apply for a joint mortgage with your friends. However, make sure that both parties understand each others financial situation and are financially stable enough to cover any extra expenses that come along with buying a home.
How can we apply for a joint mortgage?
You can start a joint mortgage application with your partner at any mortgage lender but firstly you need to know understand how it works. You need to fill out a form which contains information about yourself, your partner and their finances. This form must be filled out properly so that the lender has all the necessary details about your relationship. Once the lender approves your application they will provide you with a loan agreement and a set of documents that you need to sign. Before starting your mortgage application process, its always better to contact a mortgage broker who can help you with the best mortgage deal.
How to get out of a joint mortgage?
There are many different reasons that could lead you to leave a joint ownership mortgage. If you want to end your joint mortgage, you should inform your partner about your decision. In most cases, your partner will agree with your decision since he/she wants to continue living in the same property. However, if your partner doesn’t agree then you may face legal problems. It is better to contact a financial adviser before going to a mortgage lender. You can also read about mortgage to buy out sibling from inherited property in our blog.
What is a guarantor mortgage?
If you don’t have a good credit score, you might have trouble getting a mortgage and it will stop for getting onto property ladder. To solve this problem, you can ask someone else to guarantee your monthly repayments. The person who guarantees your mortgage payment is called a guarantor. There are some benefits of having a guarantor mortgage. For example, you won’t pay any upfront fees and you can choose to pay off your mortgage early. On the other hand, there are some disadvantages too. For instance, you cannot change your guarantor without his/her consent. Also, you need to repay the entire amount even if you default on your payments. If you are interested you can always contact an independent mortgage broker before starting your application.
Can I get a joint mortgage with bad credit?
Yes, you can apply for joint mortgage with bad credit score but getting a joint mortgage with adverse credit depends on the lending criteria of the mortgage lender. However, there are some bad credit mortgage lenders who can provide you with the mortgage.
Can I get a joint mortgage if one applicant has credit?
Yes, you can definitely get a joint mortgage if one applicant has bad credit and other has good credit report. You need to contact a bad credit mortgage providers for your application. For more details you can read out guide to bad credit mortgages on our blog.
Can I get a joint mortgage for buy to let property?
You can definitely get a joint buy to let mortgage if both applicants have good credit scores. However, you need to make sure that both partners have enough income to cover the monthly repayments. If not, you should consider another option such as personal loans or unsecured loans.
