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Mortgage & Equity Release - Call Us 0117 403 4474

or Book Appointment

4.83% 5 Year Fixed

  • 65% LTV
  • Overall cost for comparison 5.9% APRC
  • £500 Cashback

Representative Example: Mortgage of £100,000 on property valued at £200,000 over term of 25 years. Rate fixed for 60 months after which reverts to lender variable rate of 6.49%.

Book appointment with us »

4.89% 10 Year Fixed

  • 75% LTV
  • Overall cost for comparison 5.5% APRC
  • £1000 Cashback

Representative Example: Mortgage of £100,000 on property valued at £200,000 over term of 25 years. Rate fixed for 10 years after which reverts to lender variable rate of 6.24%.

Book appointment with us »

Mortgages for Joint Ownership

Our Joint Mortgage Service - helping you make the right decision

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. 

As your mortgage is such an important transaction, good advice is imperative.

Mortgages for Joint Ownership

Compare Mortgages for Joint Ownership

If you want to get a foot on the property ladder and take the first step towards owning your own home, you could find that you can get a higher value mortgage deal by taking out a joint mortgage with a partner, friend, or group of friends. By combining your financial resources you may be able to access a better rate than you would as a single buyer, as well as having the means to buy a larger property that would be possible on one income alone.

How do mortgages for joint ownership work?

A joint mortgage is a mortgage that is held in the name of more than one person. Most commonly, joint mortgages are taken out by partners of spouses, but people looking to house-share may also want to consider this option for home purchase.

There are two types of joint mortgage and the best type for your circumstances will depend largely on whether you intend to buy a home with a partner, or with a friend or other relative. You can choose mortgages for joint ownership either as joint tenants, or as tenants in common.

 Mortgages for joint ownership with Joint Tenancy

Joint tenancy means that each of you owns an equal share of the property – in practice this usually means that two people will own half each. 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, which means that this type of joint mortgage is generally more appropriate for people in relationships such as spouses or long-term partners.

Mortgages for joint ownership with Tenancy in Common

Up to four people can be named on a mortgage as tenants in common. Unlike a joint tenancy, owners under tenancy in common are not considered to be one single owner and do not automatically have equal shares in the property. This type of joint mortgage is the more usual choice for multiple buyers who are not in a relationship, such as friends or siblings buying together. If one named owner dies the property will not automatically pass to the surviving owner or owners, but will be allocated based on wills, so it’s vital for all owners to have an up-to-date will when buying with a tenancy in common.

Another key difference from a joint tenancy is that a tenancy in common means that you can each own a different share of the property, rather than an automatic half-and-half division of ownership. 

If you are unsure about what mortgage product is suitable for you call 0117 403 4474 or request a callback.

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