A shared house or flat is the dream of many couples in love. They often do not have enough savings to buy it. The solution is financial support from the bank.
Couples conclude a mortgage contract and become not only life partners, but above all co-borrowers. What is a joint mortgage? Is it worth taking a loan with a partner?
Lovers decide to take out a mortgage, regardless of whether their relationship is formal or not. They usually make this decision when planning a common future, without thinking about the problems they may face in the event of a breakup.
Of course, not every relationship ends in a fiasco and you do not have to worry about the supply, but it is worth bearing this possibility in mind, as well as being aware of the consequences that this entails. Having this knowledge will allow you to make an informed decision and, in the event of unpleasantness, help you take the right steps. Let’s start with the pros.
The main reason why co- crediting pays off is better creditworthiness . Often, a single person may have a problem with obtaining a mortgage, because he is not a reliable person for the bank and does not meet the required criteria, e.g. he does not earn enough, he does not have a proper employment contract, has a negative credit history or has no record in BIK .
Banks usually look much more favorably at clients who decide to take out a loan with a co-borrower . Combining the earnings of two people gives you greater repayment options. The liability for the liability is also divided, which means that the bank can count on the fact that even if one of the borrowers loses their job or simply does not repay the loan for some reason – the other person will. In many cases, therefore, we are not talking only about the fact that it is worth taking a joint mortgage – sometimes there is no other way.
If you’re wondering whether to take a joint mortgage with a loved one, the following infographic will bring you the solution:
If you answered YES with any statement, you probably need a co-borrower.
It is natural that you will think about your life partner first, but here you should also think carefully. First of all, your partner should be a trusted and responsible person, and answer the above statements NO. Thanks to this, you will have the chance to get a mortgage and buy your dream apartment or house.
If you have already made a decision – it’s time to choose the right offer y. The mortgage comparison tool we have prepared will help you. You will find there the most important information about offers: interest rate, commission, APRC value and an estimated monthly installment.
Time for the sadder part of the article. Not every pair is able to jointly complete loan repayment. It happens that the co-borrowers split up before they pay the last installment. What about a joint loan in the event of divorce?
First of all, you should remember one thing – for the bank, the status of your relationship does not matter. You can be married, live in a partnership or be strangers. Until the last installment of the mortgage has been received, you will continue to be co- borrowers with the same responsibility for repayment.