You may not be familiar with a joint mortgage – this is where there are two or more parties on a mortgage. Commonly friends, family or a partner will combine their incomes and assets to buy a house. This is often done when one party cannot qualify or can’t afford a property on their own. Unlike a typical mortgage all parties are on the mortgage and all assume responsibility for paying it.
The main benefit of a joint mortgage is being able to afford or qualify for more of home than one party is able to on their own.
As you may have guessed this creates a more complicated situation where you can have co-ownership, and may be dependent on multiple parties making payments. Further you could have one party wanting to sell or refinance in the future. It can also affect one parties ability to get a loan in the future as they are tied to the joint mortgage.
So its best to be aware of all the requirements and scenarios before applying. And make sure you have a strong relationship between both parties including having similar interests and goals regarding the property.
