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Mortgages for Joint Ownership

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Mortgages for Joint Ownership

    • 4.07% Initial
    • 5 year fixed
    • 6.6% APRC
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    • 4.10% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
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    • 4.17% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
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    • 4.17% Initial
    • 2 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
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    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.19% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
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    • 4.19% Initial
    • 2 year fixed
    • 8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.20% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
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Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for Joint Ownership

Joint ownership mortgage comparison

Getting a better mortgage deal is possible by taking out a joint mortgage with a partner, friend, or group of friends if you want to get on the property ladder and own your own home. If you combine your financial resources, you may be able to get a better rate than if you were a single buyer. You might also be able to buy a larger property than you could on one income alone.

What is the process of getting a mortgage for joint ownership?

A joint mortgage is a mortgage held by more than one person. Most often, joint mortgages are taken out by partners or spouses, but people looking to house-share may also consider this option.

You can get a joint mortgage in two different ways, depending on whether you intend to buy a home with a partner, friend, or relative. There are two types of mortgages for joint ownership: joint tenants and tenants in common.

Mortgages for joint tenancies with joint ownership

As a joint tenant, each of you owns an equal share of the property. In practice, this usually means that each of you owns half of the property. In legal terms, a joint tenancy mortgage considers you to be a single owner and the property will automatically pass to the surviving owner or owners if one person dies, so this type of joint mortgage is generally better suited to people in relationships, such as spouses or long-term partners.

Joint ownership mortgages with tenancy in common

It is possible to name up to four people as tenants in common on a mortgage. In contrast to a joint tenancy, owners under a tenancy in common do not have equal shares in the property automatically. Joint mortgages are the most common choice for multiple buyers who are not in a relationship, such as friends or siblings. When a tenancy in common owner dies, the property will not automatically pass to the surviving owner or owners but rather will be allocated based on wills, so all owners should keep up-to-date wills.

A tenancy in common also differs from a joint tenancy by allowing you to each own a different share of the property rather than an automatic half-and-half division. 

To investigate your joint ownership mortgage finance options call our broker team or fill in our call-back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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