How joint loans work
With a joint loan, the lender looks at both applicants' incomes and credit histories. Both of you are responsible for the whole debt, so if one person stops paying, the other must cover it.
Taking out a joint loan links your credit files, so one person's credit history can affect the other's future applications.
Worked example
A combined repayment of £400 a month at 8% over 5 years would repay a loan of about £19,727.37, with £4,272.63 of interest.
Before you apply
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
Inputs for the joint loan eligibility calculator
Monthly payment you can afford
What you could comfortably repay together each month.
Interest rate (per year)
The annual interest rate on your loan. The rate shown is only an example, so enter the rate from your quote.
Term
How many years you'd repay over. A longer term lets you borrow more for the same payment but costs more interest.
CALCULATOR QUESTIONS
Joint loan eligibility calculator questions
Can a joint loan help us borrow more?
It can, because lenders consider both incomes, but both credit histories count too.
Who is responsible for a joint loan?
Both of you, for the full amount.
Does a joint loan affect my credit file?
Yes. It links your files, so each person's history can affect the other.
Is this a guarantee?
No. The lender decides.