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Online mortgages are provided by NatWest which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Royal Bank of Scotland may receive a fee based on a percentage of any mortgage entered into for this referral. NatWest and Royal Bank of Scotland mortgages are available to over 18s. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Buying a home together
A joint mortgage is one of the most common ways to buy a property together, as it allows two (or sometimes more) people to take out a mortgage to buy a property.
Royal Bank of Scotland only provides joint mortgages for two people.
The pros The pros
- Buying with someone else can be a good way to get on the property ladder quicker than if you were buying alone.
- You'll be able to combine your savings and have a bigger deposit.
- You can split homebuying 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 in many cases 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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The legal side of things
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.
Finding the 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 you could borrow with an Agreement in Principle. It won't affect your credit score as it only uses a soft credit check.