Joint Mortgage
In the UK, a joint mortgage is a type of mortgage product where two or more people apply for and take out the same loan.
Joint mortgages are typically taken out by couples who want to buy their first home together or those looking to purchase an investment property.
A joint mortgage works much the same as a traditional single mortgage, but it means that both parties are liable for repayments. So it is important to consider who you are getting a joint mortgage with, as any defaults on payments may affect both of your credit ratings.
As lenders take into account two incomes, they may offer to lend more than if you were applying as an individual.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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