Joint Mortgage Comparison
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Compare Joint Mortgages
Cheap Joint Mortgages
What is a joint mortgage?
A joint mortgage is a mortgage that is shared. It’s common for married or cohabiting couples to get a mortgage together, but it’s also possible to share a mortgage with up to three other people. This could be a great solution for people looking to share costs to enable them to get on the housing ladder. Groups of friends or relatives might be interested in this option.
Is it cheaper to get a joint mortgage?
Mortgage lenders will always look at the risks involved in lending before they make a decision on the charges and interest rates they will apply to the mortgage loan. The same checks apply whether you’re seeking a solo or joint mortgage, so one isn’t easier than the other. However, the ability to pool resources and save together for a larger deposit can definitely help joint mortgage applicants save money as they will be able to take out a smaller loan.
How much deposit do you need for a joint mortgage?
Most mortgage lenders are looking for a deposit of at least 5%. On a joint mortgage application, it would be in your favour financially to have a larger deposit and most mortgage lenders would expect this to be the case.
How many times your salary for a joint mortgage?
The amount that any lender is willing to lend is always dependent on the individual circumstances of the mortgage applicants. However, most lenders are usually willing to lend between 4.5 and 6 times the joint applicants’ combined income.
Is getting a joint mortgage easier?
A joint mortgage is subject to the same checks as any other mortgage. A lender will look at the applicants’ total income, deposit, and credit history as well as a range of other factors to determine if they are willing to lend the money, and if so, how much interest they want to charge.
How should I compare joint mortgages?
When you’re shopping around for cheap joint mortgages you will want to consider the following:
- The type of mortgage. For example, do you want a variable or fixed-rate mortgage?
- How much the monthly repayment amount is and your desired length of the loan term?
- Any arrangement or legal fees for setting the mortgage up
Find great deals with Tiger.co.uk
Find fantastic deals when you compare joint mortgages with Tiger.co.uk. Fill out a quick and easy online form and we’ll search some of the top UK providers to find you great deals on a selection of cheap joint mortgages.