Joint Mortgage Affordability with a Partner
Combining finances to buy a home can boost your borrowing power, but it also means sharing risk. This guide walks through how lenders view joint applications and how to set a fair budget together using the HouseBudget Calculator.
Combine income and debts
- Add both take-home incomes for a realistic monthly picture.
- Include all debts for each partner – car finance, cards, loans and student finance.
- Allow for future changes such as maternity leave, contract renewals or career shifts.
Agree on a shared comfort level
Discuss how much of your joint income you are both happy to commit to housing. A common range is 25–35% of take-home pay, but aim lower if one partner expects income drops or higher expenses soon.
Run scenarios together
- Enter combined income, debts, deposit, rate and term into the HouseBudget Calculator.
- Set a housing percentage you both agree on and review the suggested monthly payment.
- Check the stress-tested payment to ensure you could cover it if rates rose during your fix.
- Adjust deposit or term to see how the estimated property price changes and whether it fits your goals.
Plan for fairness and flexibility
- Split payments proportionally to income if earnings differ, or agree a fixed split that feels fair.
- Maintain individual savings alongside joint bills to keep personal safety nets.
- Document contributions (e.g., with a declaration of trust) if deposits are uneven.
- Review annually so contributions keep pace with income or life changes.
Key reminders
Joint mortgages link your credit and affordability. Be transparent about debts, test a cautious housing percentage and keep buffers for emergencies. A shared plan now makes future decisions, like overpayments or moving, much easier.