Having a joint mortgage in the UK

Purchasing and owning a home is an accomplishment. Many see it as being able to put their hard-earned money to good use. And what better investment for the future than purchasing a property that’s all yours? However, that may sound easier than done. In the recent past, property prices in London and the UK have seen a significant rise. Needless to say, getting a mortgage and having to pay off the installments has become increasingly difficult for many wanting to finally have a home of their own. This may seem somewhat like a bleak situation, but not to worry, there is hope. Read on to find out how you can make your dream come true and gain by obtaining a joint mortgage in the UK.  

What is a joint mortgage? 

As the term says a joint mortgage is a mortgage shared between 2 or more people. Other than it being a shared mortgage, this type of mortgage has no difference from any other mortgage type. Joint mortgages can be a partnership with a spouse, friend, or family member. Joint mortgages can be particularly useful for investment or business-type ventures in the UK where your business partner and you can share the monthly installments and maximize the ease of repayment. Typically a joint mortgage would be between spouses wanting to purchase their very first home, but in some cases, joint mortgages may include 3 or more people looking to purchase a large property and share the mortgage. 

Whether it is a personal property purchase or a business venture, the advantages are obvious.

Requirements for a joint mortgage in the UK

Having a steady job is certainly a requirement to apply for any form of mortgage. After all, it is your monthly income that will enable you to pay off the repayments of the mortgage. But what if you want to apply for a joint mortgage but your income is based on self-employment? Lenders will usually carry out an affordability check to ascertain your income levels. This income check is carried out for any type of mortgage. Being self-employed, you will have to prove your income is consistent and even show your credit history. These checks are documentation based. Meaning that your income levels will have to be indicated on paper to prove that it is authentic. 

Advantages of a joint mortgage

Getting a joint mortgage in the UK allows you to combine income levels. By combining your income, you have the potential and opportunity to borrow even more. Joint mortgaging allows you to pool your money and based on that collection, you are entitled to make even more borrowings. In a business partnership, this is particularly useful especially when the success of the business enterprise depends on its success.

If you are not involved in any commercial ventures, still the advantages of a joint mortgage cannot be ignored. 

How joint mortgages work?

When considering a joint mortgage, typically it would be a joint tenant agreement. These joint mortgage types are especially popular among long terms partners such as spouses. When a property is purchased in a joint mortgage, the deed of the property will contain the names of both parties. However, the ownership will be as a single owner. This means that the ownership is split between both parties equally. 

In the event you decide to sell the property or remortgage, the decision needs to be taken by both parties. Also in the unlikely event where a partner’s demise occurs, the property ownership of that partner will automatically be transferred to the surviving partner.

A joint mortgage has the availability to be transferred to one partner. If the spouses for example decide to part ways, one of the partners can decide to take on the mortgage if they can afford it. But for the transfer to occur, the partner taking on the mortgage will be required to prove their income and method of making the monthly repayments to the lender. Once the ability to make the required repayments is proven, the transfer is a relatively simple process.


With financial and economic challenges arising in the UK and the world over, joint mortgages are proving to be a popular way of purchasing a property. The assurance of being able to make the monthly repayments with the collaboration of 2 or more persons, makes a mortgage easier to handle and moreover, the prospect of owning a property becomes a reality.


* Approved by The Openwork Partnership on 10th May 2023

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