Home buyers are facing a tough time at the moment as statistics show how mortgage lending across the country fell to a new low this February. The figure is slightly higher than the amount lent in January 2016 but it falls short of the amount covered by loans in January. In Essex, first time buyers are driving the market forward, as well as home owners who are seeking a better deal on their existing mortgage. Other home buyers and mortgage seekers in Essex are smaller in numbers, according to experts, leading to a lower level of homes on offer in the county.
Essex has always been a tough area in which to get on the housing ladder, with a lot of property priced outside of what is affordable for first time buyers. When faced with difficulty securing a conventional mortgage, buyers in Essex look further to see how they can make their finances work and secure enough money to buy their ideal home. One possible strategy is to get a joint mortgage.
What is a Joint Mortgage?
Instead of buying a property in your name alone, you buy it with another person or other people. Everyone listed in the joint mortgage agreement is responsible for paying off the mortgage and the amount each person owns can be negotiated as the mortgage is arranged. The most common joint mortgage is taken out by a couple, whether this is a married couple, a couple in a civil partnership, or an unmarried couple. However, you can also take out a joint mortgage in Essex with friends that you will share the house with, a relative, or a business partner. Joint mortgages are normally for two people but you can borrow with as many as three other people.
How Much Can I Borrow on an Essex Joint Mortgage?
Obviously one of the benefits of a joint mortgage is that you can borrow more than you could with just one income, say mortgage advisor Essex experts. Mortgage lenders work out how much they are prepared to lend based on calculations that involve how much you both earn, how much you spend, and what your credit record is like. Of course, as with other mortgages, the bigger the deposit you have the better deal you will be able to get on a mortgage loan.
How to Get a Joint Mortgage in Essex
The process of applying for a joint mortgage is the same as it would be if you were making the application on your own. But the decisions on the mortgage will need to be made by all people applying for the joint mortgage, and all those applying will need to meet with the solicitor or mortgage advisor.
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