Shared Mortgages
Introduction to Shared Mortgages
When more than one person takes out a mortgage this is normally called a joint mortgage, however, many people might regard this as a traditional term for a married couple or partners taking out a mortgage. Thus, where friends or family take out a Joint Mortgage, many people refer to it as a 'shared mortgage' because they are sharing the costs of buying to overcome the affordability problem faced by many first time buyers, rather than taking out a joint mortgage for life.
Use our Shared Mortgage mortgage calculator to see how share to buy could help you, or see our case studies of friends buying property together.
Types of Shared Mortgages
At www.sharetobuy.com you will find a service without fees dedicated to providing the following types of Shared Mortgages:
- Shared mortgage between friends: we have exclusive shared mortgages for buying a property with friends that will take into account not just one or two, but up to four incomes, and also have considerable experience of how the high street mortgage lenders will treat shared mortgages between friends. Most importantly, we also provide a free joint ownership legal agreement covering the key issues of taking out a shared mortgage with friends, such as each person's share in the property.
- Shared Ownership mortgage. We don't charge a fee and will arrange a shared ownership mortgage for buying up to 100% of a share from a Housing Association. Click here for more information on shared ownership.
- Shared mortgage with family members: what we call 'family share to buy'. An increasing number of first time buyers are taking out shared mortgages with family members to get a foot on the property ladder. Click here for more information on buying property with family.
Case studies
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Shared mortgage between friends in Darlington >> |  |
Shared mortgage between father and son and daughter-in-law in Wakefield >> |
NB: it is important to note that with any Shared Mortgage, all joint applicants are 'jointly and severally liable' for the loan. That is, if one person stops paying their share, the other owners are still liable for the whole amount. That's why with share to buy, our unique joint mortgage service for friends and family members buying property together, we provide a free legal agreement that sets out the key issues such as each person's share in the property. Click here for more information on our free Joint Ownership legal agreement.
For more information go to the share to buy home page.
