Your home may be repossessed if you do not keep up repayments on your mortgage.
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It can be especially tough if you are not earning quite enough to save for a decent deposit on your dream pad.
Fortunately there is another way to go about getting your own place, and that is to club together with your partner, friend (or friends) and get a shared mortgage.
A joint mortgage is like most mortgages, in that it is a loan from a bank or building society that - when combined with your deposit - is used to buy a house.
While a mortgage might ordinarily take into account one person's salary, joint mortgages for young couples or friends are specifically based on a combined income.
This doesn't mean that all those who helped get the mortgage automatically own a proportion of the property; it simply means that more than one of you is involved in making joint monthly repayments.
There are several advantages that come with opting for a joint mortgage agreement, because there's more than one income being counted, you can bargain for better deals when you compare joint mortgages or borrow more and go for a more valuable property.
However, there are some crucial things you must think about before taking on a shared mortgage, or you could come unstuck further down the line.
Firstly you need to decide whether you want a joint tenancy mortgage or to be tenants in common.
All joint tenants own an equal share of the house and together act as a single owner.
This type of combined mortgage deal is often chosen by couples who want equal ownership meaning if one of you dies, your stake passes to the other tenant(s).
With joint tenants, if one person dies the other person also takes on the mortgage fully - along with the responsibility of paying off the remaining debt.
This differs from joint tenancy in that each person owns a slice of the property, but not necessarily an equal one.
It also offers flexibility because you can sell your share if you want at a later date, if you earn more money and pay off a larger chunk of the debt, you can also take a bigger share of the home's value.
As you have ownership of your share, if you die you can pass it to someone in your will. This is why it's more common to choose this option if you're getting a joint mortgage with a parent or friends.
However, as with a joint tenancy, if you do pass away your share of the debt gets shifted to the remaining tenants.
When using a joint mortgage calculator to figure out what you can afford together, you should take into account a number of factors like:
These are important considerations so spend time thinking about them and make sure you are ready to commit before you dive in - to get more information read our guide Should we get a joint mortgage?
As responsibility is shared with combined mortgages it might be worth thinking about insurance.
This is because if only one of you is earning or it's a joint mortgage self employed arrangement, one of you could be left with the burden of paying it alone if the other person died.
Our guide on How to find the best quote for joint life insurance can tell you more about making this decision.
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