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.

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 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.

Next steps

If you have had an offer accepted on a specific property or are looking at properties in earnest you may wish to submit a no fee, no-obligation agreement in principle application to see how we could assist. Alternatively, if you have any queries on the legal side of shared mortgages, please contact our partner solicitors who specialise in joint ownership legal services. There is no charge for sending an initial query and no obligation to use our partner solicitors.

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