Joint mortgages are commonly associated with couples buying together. But you can also use them to purchase a house with friends or family members, with some lenders allowing up to 4 people on a mortgage. This might be an option to help you and others on to the property ladder, but make sure you consider all the implications before taking on a mortgage with others.
Joint tenants versus tenants in common
In legal terms there are 2 main ways that multiple people can own a residential property:
- Joint tenants
- Tenants in common
Whatever form of ownership you choose, you’ll still be jointly liable to repayments due on any joint mortgage you sign up for.
Joint tenants is where the people involved jointly own the property and are regarded as a single legal entity.
If you wish to sell the property, for example, everyone has to agree. And if one person dies, the property passes to the other owner or owners. Joint tenancies are most commonly used for couples.
In Scotland, rather than joint tenants the legal system uses the term ‘joint owners with a survivorship clause’.
Tenants in common means that each joint owner has a claim to a separate share of the property.
These shares don’t have to be of equal size. This option is seen more when groups of friends or relatives buy together.
Unlike joint tenants, tenants in common can leave their share of the property to anyone they like in their will.
In theory, tenants in common would be able to take out their own mortgage for their own share. But this is rare and joint mortgages are usually the most common.
What our expert says
Need more help?
How many people can be on a mortgage?
4 is usually the maximum number of people that can be on a mortgage.
It may be less depending on the lender and deal. If you're looking for a mortgage for 3 or 4 people, it's worth speaking to a broker to make sure you find a suitable deal.
Can you get a joint mortgage paid by 1 person?
Yes, 1 person could pay the repayments on a joint mortgage.
Everyone on the mortgage agreement is responsible for the repayments. But you can decide how to split the repayments between borrowers.
The lender doesn't usually mind who makes the repayments as long as they're paid in full. So if only one of the borrowers is happy to pay the total amount, that's okay.
But if they can't make the payments at any point, you're all responsible for the debt. If the other borrowers can't cover the cost, the property is at risk of repossession and your credit rating could be negatively impacted.
Can you transfer a joint mortgage to 1 person?
Yes, you might be able to transfer a joint mortgage to 1 person.
Changing the mortgage so there's only one name is possible provided the lender is satisfied that the repayments can still be met. This means whoever is taking the mortgage needs to show their income is enough to cover it. If that isn't the case, there are options such as extending the mortgage term or getting a guarantor to help.
The person taking on the mortgage would also need to meet the lender's other criteria.
Learn about different mortgage types
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Page last reviewed: 27 June 2023
Reviewed by: Claire Flynn
YOU SHOULD THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME/PROPERTY. YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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