Joint mortgages

If you’re buying a property with someone else, you’ll need a joint mortgage.

How much can we borrow?

How much you can borrow will depend on both your incomes.

In the past the amount you could borrow under a mortgage was based just on earnings. Recently it has become more common for lenders to make an affordability assessment, looking at your whole financial situation, when calculating how much they will lend you.

It’s important to give your lender as much detail as you can about both your earnings and outgoings so that you’re offered a mortgage you can afford. You also need to remember to budget for the one-off costs of buying a property such as administration and solicitor fees and Stamp Duty.

Unmarried couples are usually treated the same as a husband and wife in working out how much they can borrow.

Use the Money Advice Service mortgage calculator to help you work out how much you can afford to borrow.

What will our rights and responsibilities be?

With a joint mortgage, both or all the borrowers will be equally liable for keeping up the repayments, even if someone moves out. The lender can pursue any one of you for the money if someone fails to pay.

You need to think carefully about what would happen to your mortgage if you break up. Our pages on relationship breakdown provide more advice on this.

You should also check out the legal difference between buying a property with a joint tenancy or with a tenancy-in-common. This affects what would or could happen if one of you dies or wants to sell their share. Your conveyancer or solicitor will be able to advise you on this.

It’s also likely to be important to have mortgage protection insurance to pay off the loan if one of you dies.

We are sorry that we cannot provide this information in Welsh, however if you would like to speak to an adviser in Welsh please contact 08000 495 495.

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This page was last updated on: June 8, 2023

Shelter Cymru acknowledges the support of Shelter in allowing us to adapt their content. The information contained on this site is updated and maintained by Shelter Cymru and only gives general guidance on the law in Wales. It should not be regarded or relied upon as a complete or authoritative statement of the law.