Written by Kellie Steed
Sources
5 September 2025
First Published
If you’re considering applying for a mortgage jointly with someone else, you’re probably wondering what ownership rights each of you will have. We look at the two different tenancy types you could consider, how they differ from each other, and what benefits each offers.
Which type of joint mortgage is right for you?
When applying for a joint mortgage, you can opt for a joint tenancy, which is a traditional joint mortgage or tenants in common mortgage, but it depends on what type of ownership rights each joint applicant wants.
Here’s how they differ:
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Joint tenants |
Tenants in Common |
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Each applicant has an equal share in the property |
The split in ownership does not need to be equal, but can be if preferred |
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When 1 owner dies, ownership automatically transfers to surviving joint ower(s) |
Each owner names a beneficiary in their will that does not have to be the joint owner(s) |
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Each owner gets an equal share of any profits on sale of the property |
Each owner gets a share of the profits equal to their designated split, which could be 20/80, 70/30 etc |
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Joint owners must be in agreement to sell the property |
Individual owners can force a sale even where not all parties want to sell |
Although the choice is ultimately down to the mortgage applicants, there are certain joint buyer dynamics who are likely to benefit from each type more than others.
Joint tenancy mortgages are usually suited to:
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Married couples or couples in other long term relationships who want their surviving partner to have automatic full ownership of the property when they die
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Other relatives, such as adult children buying with a parent who plans to leave their share of the home to them when they die
Tenants in common mortgages are usually suited to:
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Couples who don’t intend to leave their share of the property to their partner when they die, such as those with children from previous marriages or other dependant relatives
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Siblings, relatives or friends who intend to live together now, but may wish to buy independently or with a partner later in life
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Joint applicants providing significantly different deposit amounts
Unsure whether to get a joint tenancy mortgage or opt for tenants in common? Get in touch and we'll have a mortgage broker go through both options with you and offer bespoke advice on which one to choose.
FAQs
Each owner is collectively responsible for the entire mortgage, so if one tenant in common does not pay their share of the mortgage, the other owners will need to make up their shortfall. Their percentage of ownership has no bearing on how much of the mortgage they would be liable, so even a tenant owning 20% of the property would need to pay 100% of the mortgage if the other owner couldn’t pay.
No, the same property cannot have joint tenants and tenants in common at the same time, as each has distinct rules and rights of ownership.
Yes, as tenants in common’s share of a property is left in a will, inheritance tax is payable by the beneficiary of their share. If you jointly own a property with a partner who you would like to avoid paying inheritance tax when you pass away, it’s best to own property as joint tenants.
If you separate from someone you own a mortgage with as joint tenants in common, you will remain liable for the mortgage even if you no longer live at the property. When a relationship dissolves, it’s often best to agree upon a sale of the property if one tenant is unable to buy the other out of the mortgage.
For a tenants in a common mortgage application most lenders will prefer that all borrowers are on the same mortgage. It’s possible in rare cases to share a property with a joint owner through separate mortgages, but this would be incredibly complex to arrange and manage.
It’s possible for one owner to sell or mortgage just their share of the property in rare circumstances. However, there are very few lenders who would be willing to finance this type of mortgage and very few buyers that would buy a share of a property with a stranger.
You can "sever" a joint tenancy by serving a ‘notice of severance’ on the other owner(s) and applying for a Form A restriction with the HM Land Registry. This can be done without the other owners' agreement. Once all paperwork related to a joint tenancy severance is complete, your joint mortgage will automatically be treated as tenants in common.