How joint applications work
With a joint mortgage, lenders usually add your incomes together and apply a multiple to the total. They also look at both applicants' credit histories and outgoings, so one person's debts or credit problems can affect what you're offered.
Both of you are responsible for the whole mortgage, not just half of it.
Worked example
With incomes of £50,000 and £30,000 at 4.5 times, you could borrow about £360,000. With a £40,000 deposit, that's a property of about £400,000, and the payment at 4.5% over 25 years would be £2,001.00 a month.
Before you apply
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
Decide how you'll own the property, as joint tenants or tenants in common, and get legal advice if your contributions are unequal.
Inputs for the joint home loan eligibility calculator
Your annual income
The first applicant's gross annual income.
Second applicant's annual income
The second applicant's gross annual income.
Income multiple
Applied to your combined income. 4.5 is common.
Deposit
Your combined deposit.
Interest rate (per year)
The annual interest rate on your mortgage. The rate shown is only an example, so enter the rate from your quote.
Term
How many years you'll repay over. A longer term means paying interest for longer.
CALCULATOR QUESTIONS
Joint home loan eligibility calculator questions
How much can we borrow on a joint mortgage?
Often around 4 to 4.5 times your combined income, depending on both applicants' circumstances.
Does one person's bad credit affect a joint mortgage?
Yes. Lenders look at both credit histories.
Who is responsible for a joint mortgage?
Both of you, for the full amount.
Is this a guarantee?
No. It's an estimate; the lender decides.