Buying a first home with someone else can feel like a practical and achievable way onto the property ladder. For many first-time buyers, a joint mortgage makes it possible to afford a property that might otherwise be out of reach.

However, taking out a mortgage with another person is a significant financial commitment. Understanding how joint mortgages work, how lenders assess applications, and what the long-term implications can be is essential before moving forward.

What Is a Joint Mortgage?

A joint mortgage allows two or more people to buy a property together by combining their finances into a single mortgage. Instead of each person being responsible for a separate share, everyone named on the mortgage takes on full legal responsibility for the loan as a whole.

In practice, this means that all borrowers are equally accountable for keeping up with repayments, even if one person contributed more towards the deposit or pays a larger share of the monthly costs. The mortgage is viewed as a shared commitment, not an individual one.

Joint mortgages are commonly used by:

Couples buying their first home together
Family members supporting one another onto the property ladder
Friends pooling resources to make home ownership more achievable

While personal arrangements between buyers may vary, lenders do not distinguish between individual contributions. From their perspective, each person named on the mortgage carries the same level of responsibility, and any missed payments can affect everyone involved.

How Do Lenders Assess Joint Mortgage Applications?

When assessing a joint mortgage, lenders usually look at the combined income of all applicants. This can increase borrowing potential compared to applying alone.

However, lenders will also assess:

Each applicant’s credit history
Existing debts and financial commitments
Employment status and income stability
Overall affordability based on household outgoings

If one applicant has a weaker credit profile, it can affect the mortgage options available to the group as a whole.

You may find it useful to explore broader mortgage guidance on the IPFA blog to understand how affordability is assessed in more detail.

Does a Joint Mortgage Affect How Much Deposit You Need?

The deposit requirement itself does not change simply because the mortgage is joint. Lenders still assess deposit size as a percentage of the property value.

However, pooling savings can make it easier to reach higher deposit levels, which may open up more mortgage options or improve interest rates. It is important to be clear about how much each person is contributing and how this is recorded.

What Are the Different Ways to Own Property Jointly?

When buying together, it is important to understand how ownership is structured. There are two main ways to own a property jointly in the UK:

Joint tenants
All owners have equal rights to the property. If one owner dies, their share automatically passes to the other owner or owners.
Tenants in common
Each owner has a defined share of the property, which can be equal or unequal. Each person’s share can be passed on according to their wishes.

The choice of ownership structure can have long-term implications, so it is something buyers often want to understand clearly before proceeding as well as taking independent legal advice concerning this.

What Happens If Circumstances Change?

Life changes can affect joint mortgages. Situations such as relationship breakdowns, changes in income, or one party wanting to move on can complicate matters.

Because all borrowers are jointly responsible for the mortgage, missed payments or changes made by one person can affect everyone named on the loan. Planning ahead and understanding these shared responsibilities is an important part of buying jointly. It is important to understand what might happen if the relationship breaks down between joint mortgage holders and the likely financial consequences.

Are Joint Mortgages Only for Couples?

No. Joint mortgages are not limited to couples. Friends or family members can also apply together, provided they meet the lender’s criteria.

That said, buying with someone you are not in a long-term partnership can require extra consideration around ownership structure, exit plans, and financial responsibilities.

Final Note

A joint mortgage can be a helpful route into home ownership for first-time buyers, but it comes with shared responsibility and long-term considerations. Taking time to understand how joint borrowing works, how ownership is structured, and what happens if circumstances change can help buyers make informed decisions and avoid unexpected complications later on.

Frequently Asked Questions

Are both people equally responsible for the mortgage?
Yes. Each person named on the mortgage is jointly responsible for the full repayments, regardless of individual contributions.

Can one person be on the mortgage but not the deeds?
In some cases, yes, but this depends on lender criteria and legal arrangements.

Does a joint mortgage increase how much you can borrow?
It can, as lenders often assess combined income, but affordability checks still apply.

What happens if one person wants to leave the mortgage?
The remaining borrower usually needs to meet affordability criteria on their own to take over the mortgage.

Do joint mortgages affect first-time buyer status?
They can. If one applicant has previously owned property, this may affect eligibility for first-time buyer benefits.

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