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All you need to know about joint homeowner loans

A Guide to Joint Homeowner Loans

Secured Loans > Our Loans > Joint Loan > A Guide to Joint Homeowner Loans

If you share your mortgage with your partner, you could apply for a loan together. Read on to discover all you need to know about joint secured loans. 

Joint homeowner loans: the basics

A joint homeowner loan allows you and your mortgage partner to borrow money against your home. As you’re both responsible for paying the mortgage, you’ll both be liable for the homeowner loan repayments. 

You can only apply for a joint homeowner loan with whoever you share your home with. It’s usually couples who apply for a joint loan, but there’s nothing stopping you from applying for a secured loan with a family member or friend – you just need to share the mortgage together. 

Any finance secured against a joint mortgage, by default, is a joint loan. Since any missed payments could put your home at risk, everyone who’s named on the mortgage will need to agree to the loan. 

Applying for a joint loan

Double the applicants, double the checks. When it comes to making a joint application for a secured loan, the lender will check both credit files before approving the loan. You’ll also both need to provide documents that prove your shared income, such as wage slips and bank statements.

And perhaps most importantly, you’ll both need to agree to the terms of the loan. It’s essential you’re both on the same page and are happy to proceed with the loan you’re offered. You’ll be equally responsible for making sure the loan is repaid – even if only one half of you intend to make the repayments.

Joint loans and your eligibility  

Applying for a homeowner loan together can boost your eligibility. As the cost of the loan is shared, lenders may feel more confident that you can comfortably afford the repayments between you. Two incomes can be more attractive to lenders than a sole income. 

If you have a bad credit score, a joint application could improve your chances of being accepted for a secured loan. While lenders will review both credit scores during the application process, they’ll typically be reassured if one half of the couple has a stronger credit file. 

Will applying for joint finance hurt my credit score?

Making any joint application for finance means your credit files become linked, which could impact how they view you. 

While your credit files will already be linked due to your mortgage, your joint eligibility could drop if one of you has since had issues with credit. If you or your partner’s credit score has fallen since you opened a mortgage together, it could affect how lenders treat your application.

Applying for any finance – alone or with a partner – can temporarily affect your credit score. However, once you show that you can manage the repayments on time, it should bounce back relatively quickly.

Joint liability explained

When you apply for a joint loan, both of you will need to agree to the loan. With this in mind, you both agree to take equal responsibility for all the repayments. 

If you’re the highest earner, you might decide to cover all the repayments yourself. However, if something happens which makes this difficult (like redundancy), your partner will be expected to cover the repayments. That’s why, before you apply, it’s important to consider whether you can both manage the payments alone should the worst happen.

Missing a payment towards a joint loan will affect both of you. It will appear on both of your credit files and could negatively affect both of your credit scores. Plus, since you share your home, repeatedly missing repayments will mean that your home is at risk of repossession.

Benefits of a joint secured loan 

Making a joint application for a secured loan has its advantages. Here’s how a joint loan could benefit you:

You could borrow more

A larger shared income can mean you are able to borrow a larger sum of money. Due to your combined finances, your affordability could improve. In other words, you’re more likely to afford higher repayments with a shared income. That means you could be eligible to borrow a larger amount than you could without a partner.

It could boost your eligibility

Have you struggled with credit in the past? If your partner has a stronger credit score, applying for a joint loan could strengthen your chances of being accepted for finance.

Joint secured loans made simple

At Evolution Money, we make it our job to take the hassle out of applying for a joint loan. If you and your partner are interested in a joint loan, we’ll make sure we offer a loan that suits you both. Whether you both have good or bad credit, we’ll find a suitable joint loan that helps you put your plans in motion.

Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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