Define: Joint Mortgage

UK Accounting Glossary

Definition: Joint Mortgage



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Full Definition of Joint Mortgage


A joint mortgage is simply a mortgage with more than one mortgagor. The person with the highest income is typically considered the primary borrower in a joint mortgage, though both (or all) of the mortgagors are equally liable for the debt on the property, even if someone moves out. How much you can borrow with a joint mortgage depends on both incomes. In a joint mortgage, you can typically borrow up to 2.5 or 3 times the higher income plus 1 times the lower income. Otherwise, those with a joint mortgage will work with lenders who prefer adding both incomes, then multiplying by 3.5. People who opt for a joint mortgage do not have to be married to the other mortgagor – friends, for example, may also apply for a joint mortgage.


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Joint Mortgage. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 04, 2020 https://payrollheaven.com/define/joint-mortgage/.
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Joint Mortgage. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/joint-mortgage/ (accessed: April 04, 2020).
American Psychological Association (APA):
Joint Mortgage. PayrollHeaven.com. Retrieved April 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/joint-mortgage/

Definition Sources


Definitions for Joint Mortgage are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 9th February 2020.