Joint mortgages

[sammd]

Do joint mortgages have to be 50/50 or can you specify the share of each person, e.g. 60/40 or 70/30?

[Pippa68]

I was told by my building society that it doesn't actually work like that ~ a joint mortgage means that both applicants are jointly & severably liable for all the debt.

If one of the applicants defaults & the money cannot be recovered then the other will have to pay. I was told this 10 years ago, so don't know if it has changed..or whether other lenders have different policies.

[Ethel]

Pippa is right.

[sammd]

Ok, thanks!