Your home may be repossessed if you do not keep up repayments on your mortgage.

HSBC 2 Year 2.45% Discount Special
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
60%1.49% variable
for 24 months
yes3.94%3.6% APR
TSB 2 Year BBR+1.04%
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
60%1.54% tracker
until 30 Nov 2016
yes3.99%3.8% APR
TSB 2 Year BBR+1.09%
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
75%1.59% tracker
until 30 Nov 2016
yes3.99%3.8% APR
Chelsea Building Society 2 Year 1.69% Fixed
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
65%1.69% fixed
until 31 Oct 2016
no5.65%5.1% APR
Halifax 2 Year 1.74% Fixed
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
60%1.74% fixed
until 30 Nov 2016
yes3.99%3.9% APR
Post Office 2 Year BBR+1.24%
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
60%1.74% tracker
until 31 Aug 2016
no4.49%4.1% APR
Yorkshire BS Flexi 2 Year 1.74% Fixed
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
65%1.74% fixed
until 31 Oct 2016
yes4.99%4.5% APR
HSBC 2 Year 1.79% Fixed Special
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
60%1.79% fixed
until 31 Oct 2016
no3.94%3.8% APR
Yorkshire BS 2 Year BBR+1.34%
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
65%1.84% tracker
until 31 Oct 2016
yes4.99%4.6% APR
Chelsea Building Society 2 Year BBR+1.34%
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
65%1.84% tracker
until 31 Oct 2016
no5.65%5.1% APR
Chelsea Building Society Flexi 2 Year 1.89% Fixed Offset
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
65%1.89% fixed
until 31 Oct 2016
yes5.65%5.1% APR
TSB 2 Year BBR+1.39% Remortgage + Cashback
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
60%1.89% tracker
until 30 Nov 2016
yes3.99%3.9% APR
Available for existing customers only. Such mortgages might not be listed on the lender's website. Available for remortgage only.
TSB 2 Year BBR+1.39% Remortgage
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
60%1.89% tracker
until 30 Nov 2016
yes3.99%3.9% APR
Available for remortgage only.
TSB 2 Year 1.94% Fixed >£200K
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
60%1.94% fixed
until 30 Nov 2016
no3.99%3.9% APR
Yorkshire BS Flexi 2 Year 1.94% Fixed
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
65%1.94% fixed
until 31 Oct 2016
yes4.99%4.6% APR
Chelsea Building Society 2 Year 1.94% Fixed
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
75%1.94% fixed
until 31 Oct 2016
no5.65%5.1% APR
Halifax 2 Year 1.94% Fixed Remortgage + Cashback
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
60%1.94% fixed
until 30 Nov 2016
yes3.99%3.8% APR
Available for existing customers only. Such mortgages might not be listed on the lender's website. Available for remortgage only.
Halifax 2 Year 1.94% Fixed Remortgage
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
60%1.94% fixed
until 30 Nov 2016
yes3.99%3.8% APR
Available for remortgage only.
Yorkshire BS Flexi 2 Year 1.94% Fixed Offset
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
65%1.94% fixed
until 31 Oct 2016
yes4.99%4.6% APR
Post Office 2 Year BBR+1.45%
Maximum LTVInitial RateFlexible PaymentsSubsequent RateOverall Cost for Comparison
75%1.95% tracker
until 31 Aug 2016
no4.49%4.1% APR

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What You Need to Know About Finding the Best Joint Mortgage

Given events of the past few years, which has seen house prices wobble, fall and recover, itís hard to know where you stand as a homeowner or prospective buyer.

Friends Watching Dvd

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.

So what’s a combined 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.

Benefits of joint mortgages for first time buyers

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.

Joint tenancy

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 is why it’s worth thinking about having life insurance as well – like a single, joint or family policy – to offer support if you do pass away.

Tenants in common

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.

Comparing the best joint mortgage offers

When using a joint mortgage calculator to figure out what you can afford together, you should take into account a number of factors like:

  • What deposit can you put down?
  • What can you afford to pay back each month?
  • Would a fixed or variable rate be better for your circumstances?
  • How long do you want your initial interest rate to last?

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?

Insurance offers peace of mind

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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