Joint mortgages

Although property prices may have fallen over the last couple of years, many first time buyers trying to get onto the property ladder are finding it very difficult due to the size and cost of the mortgage required to purchase even a modest sized property. Increasing rents for rental property is making it harder than ever for many first time buyers to save for a deposit.

One solution that has grown in popularity over recent years are joint mortgages.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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Joint Mortgages with friends

For some first time buyers, buying a property with up to 3 friends has become an attractive route onto the property ladder. Splitting the mortgage payments and deposit with friends means that individually payments and the deposit suddenly become affordable. Joint mortgages with one or more friends are available subject to circumstances.

Joint Mortgages with family

Some parents are able to help out their children by providing a substantial deposit to reduce the amount required to be borrowed via a mortgage. However not all parents are in that position. One way that parents can still help though is via a joint mortgage with their children which means that the parents income is taken into account, so the total amount you can borrow is likely to be significantly more.

There are many things to consider when thinking of taking out a mortgage as for most of us, obtaining a mortgage is probably the most important and largest financial decision we will ever make. There are a huge amount of mortgage products to choose from to suit many different personal circumstances. A qualified mortgage broker not only has the experience to select the best product for your needs, he is likely to have access to mortgage deals and mortgage rates which are not available to the public directly.

Joint mortgages are not suitable for everyone. Complete the form above and a mortgage broker will contact you to discuss your requirements and answer any questions you may have before advising you on the best way to proceed having assessed your personal circumstances.

The information on this site is only intended as a simple guide to mortgage deals and we recommend that you should take the appropriate professional advice tailored to your own personal circumstances before taking out any mortage.

Joint Mortgage Deals

Mortgage Term

One of the most important things to think about before embarking on a mortgage is the term. This is the length of time the mortgage will last (25 years is a common term). The shorter the term the less interest that is likley to be paid, however the shorter the term the higher the monthly payments

Deposit

The amount of deposit you have to put down (which can be the equity you already have in your current home) can be a factor in the rate that you can aquire. Generally speaking the higher the deposit then the smaller the mortgage required in relation to the value of the property thereby decreasing the risk for the lender which can result in more favourable interest rates.

Mortgage Rates

There are several types of mortgage rates and choosing the right one may depend on your personal circumstances. Many new mortgage offers include introductory rates which can reduce the payments in the early years these will probably increase later after the offer period has expired. The longer the fixed introductory rates last, the higher the risk that the standard rates may go down and you could end up paying more than others on a standard rate.

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT
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