You can use a joint loan for almost any purpose, like debt consolidation or if you are looking to improve the value of your property through home improvements. From fitting a dream kitchen to installing a new conservatory, a joint loan is an option for homeowners who want to access their loan sooner rather than later and pay it off in their own time.

Before committing to a joint loan, it’s important to consider all available loan options, including individual loans.

If one person meets all necessary criteria by themselves then a joint loan might not be necessary.

You can apply for an individual loan an them establish a payment agreement with the other person involved (but you will be solely liable). However, it may be that you require a larger amount that you cannot apply for on your own therefore you may need to apply for a joint loan with another person. A joint mortgage will need a joint application

If you do decide to apply for a joint loan make sure that all people involved will be able to pay the full amount and understand their obligations. This is the best way to avoid any complications down the line, particularly if one of the parties decides they want to end their role in the arrangement.

We advise all our customers to remember that they remain 100% responsible for repaying the loan under the agreed terms, regardless of what happens personally between them. That’s why it’s important to clarify each person’s duty to make payments, details of ownership and instructions in the event of an accident or death.

This information can help any future complications before they happen.