The way they work is they consider everyone on the mortgage to have an equal and identical interest in the property. This means that if one tenant wanted to sell, the other tenants must agree to the sale.
It also means that in the event of a death in the party, the ownership would transfer to the remaining parties, without the requirement of a will.
Why should I take out a joint tenant mortgage?
Taking out a joint tenant mortgage means that, regardless of your contribution towards the purchase, you will own an equal stake in the property.
These mortgages are most common when a coupe want to buy a property together, but they are unmarried.
Are there any alternatives?
Tenants in common is the alternative to joint tenants mortgages, and this means that everyone can own different shares of the property.
Tenants in common also means that, in the event of a death, the property does not automatically go to the other owners, an you can pass on your share of the property in your will.
Can I switch types?
For example, if you are a couple living together as tenants in common, but then get married, you can switch to joint tenants to get equal rights to the property.
Likewise, if you get divorced or separate and decide to leave your share of the property to someone, you can switch from joint tenants to tenants in common.
Just like with regular mortgages, you must carefully consider all your options and plan for the future.
For advice on getting a join tenants mortgage, or becoming tenants in common, speak to one of our expert advisers who will be able to help you with the next steps.