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What is a joint mortgage?
Joint mortgages are one of the most common ways to buy a property, as it allows two people to take out a mortgage together. NatWest only provides joint mortgages for two people but some lenders will allow more than two people to apply for a joint mortgage.
If you want to buy a house with your partner, a family member or a friend, you may need a joint mortgage. This is sometimes also called a shared mortgage and ensures you both have an equal responsibility and share in the property.
Learn more about the types of mortgage we offer.
Ownership
Both people will own the property but the percentage doesn't have to be 50% each. If one party has a larger deposit you can agree to a larger percentage of ownership when applying for the mortgage.
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Repayments
Although you will be jointly responsible for making repayments on the mortgage, if one party defaults on their repayments, the other will be responsible for paying their share.
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Lending criteria
When applying for a joint mortgage, both people must meet the bank's lending criteria. Ensure the person you are applying with has fully disclosed any credit issues they might have.
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Find the right joint mortgage deal for you
Compare our rates and repayments
Look at the mortgage rates we offer and the monthly repayments to see what could work for your joint mortgage.
When you have a property in mind
See how much we could lend you with an Agreement in Principle. It won't affect your credit score as we use a soft credit check.
The pros The pros
Buying with someone else can be a good way to get on the property ladder more quickly compared to buying alone.
You'll be able to combine your savings and have a bigger mortgage deposit.
You can split home buying costs such as stamp duty and legal fees, as well as household bills.
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The cons The cons
You'll need to decide on the best way to set up your joint mortgage legally.
You need to think about what happens if one of you defaults on the mortgage as you could both be responsible for any missed repayments.
It's important to buy a property with someone you trust to protect against this kind of situation.
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How does a joint mortgage work?
A joint mortgage works in much the same way as a regular mortgage. It’s money you borrow from the bank or other lenders to buy a property. You then repay that money each month over a set period, which is agreed at the time you apply. This is often between 20 and 30 years. Once the mortgage is fully paid off, you own the property.
The main difference is that with a joint mortgage, there will be two applicants rather than one. This is most commonly a couple who are buying a house together. However, shared owners can also be friends or family members. Sometimes, an adult child will take out a joint mortgage with their parents, for example.
Legal considerations with joint mortgages
Joint Tenancy
You should set up your mortgage as a joint tenancy if you both want to hold an equal share of the property, regardless of who paid for what in the purchase. If either one of you dies, full ownership automatically passes to the other.
Tenancy in Common
If one of you has invested more cash into the property than the other, you can divide the ownership rights to reflect this using a Tenancy in Common. You can split the percentages of ownership however you like. If you die, your share of the property will go to the person named as your recipient in your will.
Leaving a joint mortgage
If your circumstances change and you decide you want to leave a joint mortgage, the first thing to do is contact your lender to discuss the options available to you.
You can get more detail on the options available to you from MoneyHelper.
How much can you borrow with a joint mortgage?
You can find out how much you may be able to borrow with a joint mortgage and what your monthly repayments could be with our mortgage calculator, it takes less than 5 minutes and is a useful first step in your mortgage journey.
When you go through our calculator, we'll ask 'How many people are applying?'. Simply choose '2', and we'll guide you through the rest of the process.
For a more personalised indication of what we may be able to lend, use our Agreement in Principle tool, it takes less than 10 minutes and won’t affect your credit score.
Can I get a joint mortgage with friends or family?
You can apply for a joint mortgage with a friend or family member as long as you both meet the criteria for lending. NatWest doesn't currently offer joint mortgages to more than two people. You should also be aware that if applying with a family member they will still need to be in employment. We also only offer mortgages to parties with a maximum age of 70 at the end of the mortgage term. The age increases to 80 for a buy to let mortgage.
Learn about more mortgage types
Other mortgage types and rates
Are there any other mortgage offers and schemes?
Joint bank accounts
Having a joint bank account is the same as having your own, except two people have control over the account.
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Joint loans
A joint personal loan is a great option if you’re looking to borrow money with a partner, family member or friend.
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Joint savings
Joint savings accounts are a great way for two people to save together towards a joint goal.
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