With property prices on the increase, it can be difficult for some people to make that initial move and buy their first property. It's not such a problem for married couples or those who are co-habiting as they can apply for a joint mortgage. By combining both the applicants incomes, you will generally be given a bigger mortgage than if you were buying singly. A joint mortgage also means it could be easier to save up an initial deposit, if there are two of you doing it as a joint venture.

Even if you are not married or with a partner, you still have an opportunity to apply for a joint mortgage. Many people are now looking at other ways of sharing the responsibility of property buying. It is becoming more common for 2 friends, a group of friends or family members to actually club together and get a joint mortgage.

Joint mortgages are a great way for first-time buyers to purchase their first home, and now it is easy enough to get one even if you are not buying as a traditional married couple. Parents are now helping their sons and daughters get their first home or flat, sisters and brothers are clubbing together, and it's a great way for friends to have their own place too. So there's no need to wait until you are in a better financial situation, you can combine your resources with other people and get on the property ladder quicker.

As with choosing any financial service, it is important to find the one that suits your circumstances. It is essential to shop around and select the most suitable mortgage and preferably one with a reasonable rate of interest, so you don't end up paying over the odds. Once you have picked your property, saved up your joint deposit and chosen your mortgage provider you can go about arranging a joint mortgage with them.

How Much Can You Borrow With A Joint Mortgage?

Mortgage lenders will usually offer 75-100% of the money needed to buy the property you desire. There are a couple of ways which mortgage providers will decide on how much money you can borrow to buy a house or flat with. Obviously the bigger the deposit you can provide the better, but generally they will combine the joint incomes and multiply them by 2.5 - 3.5. Therefore if you earn £20,000 and your partner earns £25,000 the lender will calculate what you can borrow from a combined income of £45,000. This could be anywhere between £112,500 and £157,500.

Joint ownership does mean that everyone named on the mortgage is jointly responsible for the mortgage and repayments, and it is always advisable to take out a legal agreement which will cover certain eventualities, such as if one of the owners wants to leave or loses their job. You can also lay out how much of the property each person owes depending on their income and contribution. It is a sensible way for each owner to protect their investment as circumstances do change.

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