How much can a couple borrow with a joint mortgage?
Analysis by Britain's biggest group of mortgage lenders, Halifax, Lloyds Bank and Bank of Scotland, shows that almost two-thirds* of mortgage completions are now in joint names with two or more people.
Joint income mortgages are often the only way borrowers can secure a sufficient mortgage to get on the property ladder.
Banks and building societies use mortgage affordability calculators to work out maximum loan sizes, but ultimately, many will lend between four and 5.5 times single or joint incomes.
Some lenders even provide six times salary mortgages to those willing to pay higher rates or lock into a longer-term fix.
| Combined income for joint mortgage borrowers | Maximum mortgage loan sizes (Multiples vary from lender to lender) | |||
|---|---|---|---|---|
| 4x joint income | 4.5x joint income | 5x joint income | 5.5x joint income | |
| £60,000 | £240,000 | £270,000 | £300,000 | £330,000 |
| £100,000 | £400,000 | £450,000 | £500,000 | £550,000 |
| £150,000 | £600,000 | £675,000 | £750,000 | £825,000 |
| £200,000 | £800,000 | £900,000 | £1,000,000 | £1,100,000 |
| £250,000 | £1,000,000 | £1,125,000 | £1,250,000 | £1,375,000 |
Source: Trinity Financial
Will credit cards or loans reduce the amount you can borrow?
Mortgage lenders typically reduce the maximum amount you can borrow if you have credit card debts, personal loans, children, children in private schools and cars on finance.
Some lenders will be tougher than others as they all use different figures to calculate maximum loans on their affordability calculators.
Can more than two people go on the mortgage application?
Lenders typically allow one or two people on the mortgage application, but some are more generous and accept three or even four incomes. Multiple-income mortgages are often used by families aiming to buy larger properties.
Do guarantor mortgages still exist?
Some building societies still offer guarantor mortgages, which are now more commonly known as 'joint borrower sole proprietor mortgages'.
Parents go on the mortgage application but not the property's title deeds. This means they are unlikely to be liable to pay the additional stamp duty, which property owners are now responsible for when they purchase an additional home. With joint borrower sole proprietor mortgages, the lenders require borrowers to seek independent legal advice.
How many people got on the property ladder in 2022?
Halifax says over 362,000 people got on the property ladder in 2022, with first-time buyers accounting for over half of all home loans. On average, first-time buyers are 32 and 30 or older in all nations and regions.
Getting your own home for the first time will likely mean paying over £300,000 for a property and putting down, on average, a £62,000 deposit. Again, this is according to Halifax data.
*Based on combined Halifax, Lloyds Bank and Bank of Scotland mortgage completion data between January and November 2022, 63% were joint (two parties or more), and 37% were sole applicants.
Call Trinity Financial on 020 7016 0790 to secure a joint income mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Trinity's brokers have access to a range of lenders offering £500,000+ mortgages. Each bank or building society uses different affordability calculations to determine the maximum loan.
Mortgage lenders use mortgage affordability calculators to work out how much they will lend and they typically provide five times single and joint salary mortgages.
For wealthier borrowers earning over £75,000, it is possible to secure 5.5 times income to borrowers with a limited amount of personal debt.
Trinity Financial's brokers have access to specialist contacts at many of the biggest banks and building societies, as well as private banks and niche lenders.
These contacts help us to get mortgages agreed quickly and efficiently. In some cases, we even get borrowers the mortgage they need when they fall outside of the lender's standard qualification criteria.
The minimum deposit required to secure a mortgage is 5%. Rates are lower with a 10% deposit.
In order to access the cheapest rates in the mortgage market, borrowers will need a 35% or 40% deposit, although they are not much more expensive if you have a 20% or 25% deposit.
• You contact one of our consultants by calling 020 7016 0790 or complete our basic enquiry form or mortgage questionnaire for a more detailed initial response.
• You tell us what you are looking for and we assess your mortgage and financial protection needs based on your monthly budget.
• We collect the information and documentation that the lenders and providers will need.
• Based on the information supplied, we provide you with illustrations for the most suitable products for your circumstances.
• We then submit the application on your behalf to secure a mortgage offer as quickly as possible. This is once you have confirmed you are happy to proceed.
• We manage the application through to completion and liaise between all involved parties such as valuers, estate agents and solicitors.
• Post-completion we are available for any questions. When you reach the end of your initial product, we are also able to discuss any further mortgage, will or financial protection product requirements.
As part of our ongoing service commitment - we will contact you at least three months before your fixed or tracker rate expires to ensure you avoid reverting to an expensive, standard variable rate.
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