A guide to joint mortgages
Buying a property with someone else can significantly increase what you can afford, but it also brings shared responsibilities and legal considerations that you need to understand. This guide explains how joint mortgages work, the different ownership structures available, and what to think about before committing.
In this guide
What is a joint mortgage?
A joint mortgage is a home loan taken out by two or more people together. All parties are equally responsible for the mortgage repayments, regardless of how much each person contributes. If one borrower stops paying, the others must cover the full amount. Most lenders allow up to four people on a joint mortgage, although some only accept two.
Joint mortgages are commonly used by couples, but they are also taken out by friends, siblings, or parents and children buying together. The key advantage is that combined incomes typically allow you to borrow more than any individual could alone.
It is important to distinguish between the mortgage and the property ownership. The mortgage determines who is responsible for the debt. The property title determines who owns the property and in what shares. These can be structured differently depending on your circumstances.
Joint tenants vs tenants in common
When you buy a property jointly, you need to choose between two forms of legal ownership. As joint tenants, you each own the entire property equally. If one owner dies, their share automatically passes to the surviving owner, regardless of what their will says. This is the most common arrangement for married couples.
As tenants in common, you each own a defined share of the property, which can be equal or unequal. For example, if one person contributed 70% of the deposit, they might own 70% of the property. If one owner dies, their share passes according to their will rather than automatically to the other owner. This is generally recommended for friends, unmarried couples, and family members buying together.
Your solicitor will set up the ownership structure when you purchase the property. Getting this right is crucial, especially if you are contributing unequal amounts or buying with someone you are not married to.
How much can you borrow on a joint mortgage?
Lenders typically offer 4 to 4.5 times your combined annual income, subject to affordability. This means two people each earning £30,000 could potentially borrow £240,000 to £270,000 together, compared to £120,000 to £135,000 individually.
However, the lender will also assess your combined outgoings, debts, and commitments. If one applicant has significant debts or a poor credit history, it can affect the amount you can borrow together or the rates available to you.
Protecting your investment with a deed of trust
A deed of trust, also called a declaration of trust, is a legal document that records each person’s financial contribution and what happens in various scenarios, such as one person wanting to sell, a relationship breakdown, or one party being unable to pay their share.
While not legally required, a deed of trust is strongly recommended for anyone buying with a non-spouse, especially if you are contributing unequal amounts to the deposit or mortgage payments. It provides clarity and protection for both parties and can prevent expensive legal disputes.
Get joint mortgage advice from Clearview
At Clearview Mortgage Solutions, we regularly help joint applicants find the right mortgage. We’ll assess your combined circumstances, explain your options, and connect you with solicitors who can advise on the best ownership structure for your situation.
Contact us for a free, no-obligation consultation about buying a property together.
Related guides
More guides in our joint mortgages mortgage hub.
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