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Taking out a mortgage is a big financial decision to make, whether you are first time buyers, home movers or remortgaging - if you are taking on a joint mortgage you want to make sure you make the right choice. The good news is that being joint applicants can give you more more mortgage / remortgage options . When taking out a mortgage with somebody else, be it your partner, husband / wife, a friend or family member then you need to start thinking about joint mortgages and how this will help play an important part in you taking on a new mortgage. At First Choice Finance we have already arranged over £1 Billion in mortgages and so can help you decide the right mortgage to take and establish which joint mortgages might be most suitable for your circumstances, providing you with a free quote for a much clearer view as to whether you feel it is the right option for you. Call us on (freephone) 0800 298 3000 or on 0333 003 1505 (mobile friendly), alternatively complete our short on line enquiry form .
All of the quotes we provide are free & with absolutely no obligation to proceed. You may already own a property and be adding somebody else to the mortgage, this will effectively take you from a single to a joint mortgage which has many different implications and involves some decision making as well.
Joint Mortgages Explained
A Mortgage is essentially a loan that you take against your home, this loan could either to be to borrow money against a property that you already own, or in a lot of cases will allow you to buy the home in the first place. When we are considering what joint mortgages are exactly, it is the very same principle the only difference being that it is held in the name of more than one person. It is really that simple. The most common joint mortgages are in the names of married couples or people in civil partnerships but it doesn`t stop there, you are allowed to take out a joint mortgage with friends, family members, the list goes on and up to four people can buy together with a joint mortgage. Joint mortgages can help you to make that step onto the property ladder when you might not have been able to based solely on your individual deposit and income. If you are making initial enquiries and want to receive a free quote for you and whoever else you are considering taking out the mortgage with, fill in the 1 minute online application form at the top of the page and one of our experienced advisers will be in touch.
Joint Mortgage Application
Joint mortgages are very similar to a mortgage in one applicants name when it comes to the mortgage application process. In basic terms you will need to duplicate all of the evidence that you would normally provide to a mortgage lender for them to establish that the mortgage is suitable for both of you. The real difference and most important consideration to make when you have decided that a mortgage in joint names is the right option for you is how you are going to set up the legal ownership of the property. These are the two types of ownership that you have to decide between when you are taking out a joint mortgage:
Joint tenancy - With a joint tenancy you own the property together . In the eyes of the law you must act as a single owner. This means that if one of the owners were to die the property immediately passes to the other owners and their share of the property cannot be passed to a person of their choosing in their will. Joint tenancy is most commonly used for married couples or those in a civil partnership.
Tenants in common - As a tenant in common you will own a defined share of the property and these shares do not have to be equal. As you individually own a share of the property you are able to leave that share to a beneficiary in your will. Tenants in common is the method often used for friends or relatives looking to buy together.
This decision is crucial because it can have significant financial implications for all of the joint owners involved in the future. With it being such a serious decision for you to consider it can help speaking to an experienced adviser who can help you understand the different options. For friendly and impartial advice on joint mortgages and how they might affect you call the office on 0800 298 3000 free from a landline or 0333 003 1505 on our mobile friendly number.
Joint Mortgages With Parents
Parents often want to do what they can to help their children get onto the property ladder and if they are financially able there are many ways that they can help with getting you a mortgage. Firstly if both of your financial situations allow joint mortgages could be the answer, with the possibility of your parent or parents added income boosting what you can borrow and still giving them an investment in your property as well. If they choose to go down this route then all of their current mortgage commitments will be taken into account and as a result sometimes this can be a restrictive option and not as flexible as you might like. Fortunately there are a number of other solutions to still give that helping hand. If your parents have accessible savings they are able to gift you a deposit to put towards a house purchase of your own. Alternatively they could also borrow money against their own property and raise some funds for you to put towards your deposit through a remortgage or any purpose loan. As there are so many options from joint mortgages to gifting deposits it can be invaluable to get in touch with a mortgage adviser who can provide you with free quotes for the scenarios you might be looking into. Call free from a landline on 0800 298 3000 or on 0333 003 1505 included in mobile plan minutes, all of the quotes provide are without obligation to proceed which means you can see if it is the right option for you without any upfront costs.
Joint Mortgages And Separation
Nobody wants to think about separation but the reality of it is that it does happen and rather than burying your head, it is essential to start getting your finances in order and as a joint mortgage is likely to be your biggest financial commitment it should be your first port of call. It is important to remember that if you have taken out a joint mortgage no matter the scenario in terms of legal ownership a lender will consider you as jointly and severally liable for the mortgage. This means that if somebody doesn`t pay their share of the mortgage payment then both applicants will suffer the consequences, which in the most severe circumstance could be your home being repossessed. The crucial thing to remember is to ensure the mortgage repayment is paid in full and on time and any disputes settled afterwards to protect your own credit profile and ensure that you will still have access to finance in the future. Keeping up with the mortgage repayments will also increase your chances of being able to remove a party from the joint mortgage or remortgage elsewhere. Joint mortgages can provide a number of benefits but if you are divorcing or separating one of the biggest decisions you will make is deciding what is going to happen to the family home and whether your ideal scenario is actually possible. You might not know the answers to these questions and getting some clarity on the matter can be an important helping hand in taking your first steps. To speak to an understanding adviser contact the office on 0800 298 3000 (freephone) or 0333 003 1505 (mobile friendly) who will be able to help you answer the important questions like whether or not you can go on to get a new mortgage and the best way to go about it.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Security is required on
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.
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