Multiple Person Mortgage
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Multiple Person Mortgage
James explains how a multi-person mortgage works.
What is a multi-person, or multi-applicant mortgage?
Very simply, it’s just a mortgage that’s in the name of more than one person.
How many people can be named on a mortgage or this type of mortgage? How does it differ from a joint mortgage?
A joint mortgage would typically be for two people, which is what people normally go for. But some lenders will allow up to six applicants on a mortgage.
Lender criteria does vary around this. For example, some lenders use all six incomes to increase the amount you could borrow. Some lenders just use two incomes. As a mortgage broker, we’ll give advice around which is the right lender for you.
Who can get a multiple applicant mortgage? Who is eligible for a multi-person mortgage?
Anyone. We’ve got many different lenders offering this, with a wide range of criteria. We will make a personalised recommendation based on somebody’s individual circumstances.
How do multi-applicant mortgages differ from standard mortgages?
There’s no difference. It’s the same as any other mortgage, just in the name of two or more people.
What types of properties can you get a multi-person or multi-applicant mortgage on?
It’s just the same as for any other mortgage. You could get one on any property, really, standard or non-standard construction.
How is the ownership split?
There are quite a few options around this. You could have joint tenants, tenants in common, and Joint Borrower Sole Proprietor. As a mortgage broker, in conjunction with solicitors, we could give advice around which options are right for each individual and their circumstances.
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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.
How much can you borrow for a multi-applicant or multi-person mortgage?
This is probably the main reason why people do this. Lenders have affordability calculators, which give a personalised figure for how much an individual could borrow.
But with lenders that will use up to six incomes, that really boosts the amount people could borrow. As part of our normal broking process, we’ll take a client’s details and then we’ll work everything out and give them a personal figure of what they could borrow.
What are the benefits of a multi-applicant mortgage?
The main benefits are that you could add extra applicants onto the mortgage, and that boosts the amount that you could borrow.
Are there any alternative options to a multi-applicant mortgage?
Yes, there are things like Joint Borrower Sole Proprietor and guarantor mortgages, and both of those are covered on separate podcasts already on our website.
But if anyone’s not sure, just get in touch with us and we’ll advise which is going to be the right option.
How can a mortgage broker help with a multiple person mortgage?
This might sound like quite a quirky mortgage product, but this is something that we deal with every day. It’s normal to us and we’re always happy to give good advice for our clients on this subject.
Any information discussed here should not be considered advice and for information purposes only
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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