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Joint mortgages

Joint mortgages work in different ways depending on how you have decided to approach the house purchase legally. In the end it’s only important if one of you wants to leave or one of you dies.

Up to four people can be joint legal owners of a property and as joint owners, no one else can make you leave without a court order, no-one sell the property without getting your agreement first or taking out a court order against you, and no one can take a loan out secured against the property without your approval. Make sure you are fully aware of all the facts and discuss the implications of joint ownership with your solicitor before you decide. Before the sale goes ahead you will have to sign a written agreement confirming your decisions.

Here are the two different ways in which you can jointly own a property:

Joint tenants

As joint tenants you have equal rights to the whole of the property. This is the option chosen by most married or long-term couples. The joint tenancy agreement stipulates that if one of the joint owners dies, the other automatically inherits their share of the property, regardless of anything that is said in a will.

Tenants in common

Couples in new relationships and friends and/or relatives who are buying together often decide on this option. You each own a specific share of the property and it doesn't have to be an equal share. If one of the tenants in common dies, their share of the property doesn't automatically pass to the other legal owner(s), but either to whoever is named in their will, or to their next of kin. Tenants in common need to make sure that they state what is to happen to their share of the property in a legally recognised will.

It is absolutely essential that if you are buying a property with one or more persons, you are all completely clear on the legal standpoint of your agreement. You MUST consult your solicitor.

More FAQ's:

What exactly is a mortgage?
Where can I buy a mortgage?
What type of mortgage should I choose?
How do I shop around for the cheapest deal?
What are mortgage rates?
How do I get a mortgage quote?
What is an Agreement in Principle?
How much can I afford?
How long are mortgages usually for?
How is interest calculated on a mortgage?
What is a mortgage calculator?
What happens if interest rates change?
How do I prove my income?
What happens if I am self-employed?
How does a joint mortgage work?
Can I get a mortgage with a group of friends?
Do I need a Guarantor?
Life Insurance
What is Conveyancing?
How much deposit do I need?
What will the initial costs of buying a house be?
What is a Mortgage Indemnity Guarantee (MIG) and will I have to pay it?
How much is the Valuation Fee?
Will I have to pay an Arrangement Fee and how much will it be?
What is a Mortgage in Principle?
What happens during the mortgage application process?
What will I need to support my mortgage application?
What are redemption penalties?
How do I choose a mortgage?
How do I compare mortgages to find out which is the best?
Should I choose a "repayment" or an "interest only" mortgage?
What is a fixed rate mortgage?
What is a discounted rate mortgage?
What is a variable rate mortgage?
What is a flexible mortgage?
What is a current account mortgage?
What is an offset mortgage?
What is a capped mortgage?
What is a base rate tracker mortgage?
What is a cash back mortgage?
What is a 100% mortgage?
What is a first-time buyer mortgage?
What is a buy to let mortgage?
What is a self-certification mortgage?
What is an ISA mortgage?
What is a Refinance Mortgage?
I have been turned down for a loan or credit card, will I still be able to get a mortgage?
What happens if I am refused a mortgage?
What if I have bad credit?
What if I have mortgage arrears?
What happens if I have bank defaults?
What happens if I have no proof of income?
What happens if I have a repossession order?
What happens if I can't keep up my repayments?
Can I repay my mortgage early?
Can I take a break from making my mortgage repayments?
What happens if I have an unusual property?
What is "Right to Buy"
What happens if we have a joint mortgage, but one of us wants to leave?
Is there any way I can lower my monthly repayments without switching mortgages?
What happens if I want to move home?
What happens if there's a shortfall at the end of my mortgage term?
What is a remortgage?
What is Equity Release?
How do I switch mortgages?
How do I know if I should switch mortgages?
Do I need Mortgage Life Insurance?
Do I need Mortgage Payment Protection Insurance?
Do I need Buildings Insurance?
Do I need Home & Contents Insurance?
How do I calculate the rebuilding cost for my Buildings Insurance?
What is a Loan to Value (LTV) Ratio?
What if I die before my mortgage is paid off?
Is there a Government Regulatory Body I can refer to?
What is the Mortgage Code?
Can I buy my mortgage online?
Do I need to see a mortgage advisor?
What's the difference between buying a mortgage from a broker and the lender direct?
Do I have to pay the mortgage broker a fee?
Complaining about your mortgage broker
Complaining about misleading advertising

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Statutory Wealth Warning:
Your home may be repossessed if you do not keep up your repayments on a mortgage or
any debt secured on it. Security by way of a charge on your home may be required.

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