3 Person Mortgage
At JB Mortgages we offer the personal attention required to find a perfect fit at the lowest interest rates available for your circumstances.
- Access to competitive rates and some you can't get direct
- Specialist Mortgage Advisers
- You'll experience an unrivalled customer service
What's On This Page?
Get In Touch
3 Person Mortgage
Sam Bull is here to talk to us about getting a three person mortgage.
Can you have a three person mortgage? Can three people be on the same mortgage?
Yes, you can have three people on a mortgage application. It’s the same as any normal joint mortgage application, although not all mortgage lenders will allow this.
Some lenders only allow up to two people on a mortgage application. But in general, there are plenty of mortgage lenders who will allow three people on a mortgage.
Can you add a third person to a mortgage?
Yes, you can add a third person to a mortgage, as long as the lender allows three people on a mortgage generally. Not all of them will allow this, but if that particular mortgage lender does, you can add a third person onto your mortgage.
If your mortgage lender doesn’t allow it, we would be able to add that third person on by means of a remortgage to another lender.
Can three people jointly own a house?
Yes, three people can jointly own a house. In the UK, up to four people can legally own a house jointly.
Can you get a mortgage with friends?
Yes, you can get a mortgage with a friend on a normal mortgage application. It’s not a specific type of mortgage. You don’t have to be related to the person you’re buying a house with to get a joint mortgage application with them.
How do mortgages with three or more applicants work? What’s the process?
It works the same as any traditional joint mortgage. We would require a full set of documents from all three applicants, and then we’d just submit the mortgage application as normal.
One slight difference is that although some lenders may be happy to have three applicants on the mortgage application, they may only use two of the incomes for affordability.
What deposit do you need, and how much can you borrow with three people on a mortgage?
There’s no difference, really. You can proceed with a minimum of a 5% deposit when applying for a mortgage with three applicants. This would be subject to normal mortgage lending criteria.
In terms of how much you can borrow, this is subject to normal income multiples, so around four and a half times your combined salaries.
The only caveat to that is that although three people are on the mortgage, some lenders will only use two of the incomes. That’s just something that we need to take account of.
What documents do you need with three people on the same mortgage?
It’s the same documents needed for a mortgage application with three people. We’ll need proof of ID and proof of address. We’d need proof of deposit for the purchase, or a copy of the mortgage statement if it’s a remortgage.
Then, we’d need your latest three months’ payslips and bank statements. For self-employed clients we would need three years’ accounts. It’s no different to any normal mortgage application.
Speak To an Expert
Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Does it cost to add someone to a mortgage?
Your mortgage lender may have a small administration fee for adding someone on to the mortgage. There may also be some solicitors’ fees to complete the conveyancing work involved in adding someone on.
Do you pay stamp duty when adding someone to a mortgage? Are there any other costs involved?
There may be stamp duty when adding someone onto the mortgage if an amount is being paid for the equity. We’d get all that information upfront and give you an exact cost prior to any mortgage application being made.
If nothing is being paid for the equity, there’d be no stamp duty payable.
What are the pros and cons of having three people on a mortgage?
The benefits are that you may be able to borrow more because there are three lots of income available. Having three people contribute towards the deposit may also be helpful.
The main disadvantage is that not all mortgage lenders allow this. We may have to discount some really good interest rates if that particular mortgage lender only allows two people on the application.
Which lenders offer mortgages to groups of three or more people? Are there many?
Lots of mortgage lenders offer this. As of today, in September 2024, they include Halifax, Barclays, TSB and Virgin Money, to name a few.
How do you get a multi-applicant mortgage and how can a mortgage broker help?
If you’re looking to proceed with a multi-applicant mortgage I would recommend speaking with a mortgage broker. We will gather all your information up front, and recommend the most suitable lender for your circumstances.
A good broker will check all your paperwork, arrange your Agreement in Principle and handle your full mortgage application. We take you through up until the point where you get the keys to your house.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
As Seen In . . .
