However, you must undergo an accessibility check to prove that you can manage monthly refunds yourself. And once the other person`s name has been removed from the mortgage, the majority of lenders will insist that they move out of the property. Common mortgages are usually shared by two people, but some lenders will allow up to four borrowers. You own your home (either all or part of it) if your name appears on a legal document called title certificates. Learn more in our government help guide if you can`t pay your mortgage. If you have to withdraw from a mortgage because of a relationship breakdown, check out our guide to your mortgage options. Talk to your mortgage lender if you think you may have problems paying the mortgage or if you are concerned that your ex-partner may not be able to pay the payments he or she has accepted. Use our comparisons to check what offers you might receive and how much they cost. Find a common mortgage for you both designed if you are: You could get a bigger mortgage if you buy a home with someone else.

Here`s everything you need to know about common mortgages, whether you want to buy with your partner, another person or a group. Any co-owner should be advised, regardless of legal advice, to ensure that the agreement is properly drafted and that it fairly represents their interests. If you receive a joint mortgage with a partner, friend or family member, you can share ownership of your home. In addition, sharing the cost of a mortgage can help you afford a more expensive property than you can get yourself. In Scotland, this type of property is called the Joint Owners with a Survivorship Clause. Take a mortgage as a common tenant if you want all borrowers to legally consider as a single owner and equal rights in the property. Equal ownership of the property as a tenant is generally used by long-term couples. If you want to share the costs and ownership of the property with someone, you usually have to take out a common mortgage. While most common mortgages are held by two people, some lenders will let up to four people buy a home together. A common mortgage will be in both (or all) of your names, which means that you are all responsible for the repayment.

If you want to change your mortgage on how to borrow more or convert it into a new fixed interest agreement, all borrowers must approve it. You can usually borrow more money with a common mortgage, because lenders take into account the combined income of two applicants when you estimate how much you can borrow. But as with all common mortgages, your parents will be responsible for mortgage repayments if you can`t pay them. And if they can`t pay, they risk losing their homes. In this context, it is essential that your parents understand the impact of taking out several mortgages – it might even be worth reaching a legal agreement between all of you. Find out what types of common mortgages there are here yes, but they must be homeowners to qualify. Getting a common mortgage with your parents could improve your chances of accessing housing directors through their income, savings or equity in their own home. We always recommend that the parties ask a lawyer to draft the deed to ensure that the document accurately reflects the agreement they wish to reach and to ensure that the document is appropriate. This will generally not cause any problems, as it means for the lender that there will be two people who will pay the repayments instead of one. However, the usual cheques apply to ensure that the new person does not have a very bad credit history and that they can afford the mortgage. “All borrowers have to meet the lender`s criteria to be accepted for a mortgage – to qualify for the best interest rates, you both have to have a good credit score,” says Holly Andrews, Co