Joint Mortgage Calculator


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What is a joint mortgage calculator?

A joint mortgage calculator is a financial tool that facilitates the required calculations necessary to make a wise decision on the mortgage. It provides almost exact figures for the amount that is needed to complete a process.

Shine Mortgages, the online mortgage broker, has the latest and advanced versions of mortgage calculators on its website that can find out reasonable answers to every calculation.

What are the purposes of joint mortgage calculator?

Following are the prime purposes that a calculator solves for the applicants of joint applicants to ensure a smooth borrowing experience –

  • How much the applicants can borrow jointly
  • What is the deposit money according to their ownership percentage of every applicant
  • What tenure will be applicable according to the loan amount
  • What stamp duty applicants will need to pay on the total property value
  • How much each applicant should pay as the installment
  • How the equity will develop for every borrower
  • How the deal gets affected in case of a change in the interest rates
  • How the joint income will work in qualifying for the mortgage

Types of calculators we have

According to the cause, a type of calculator is available to obtain immediate results for a faster decision.

  • Rate change calculator – Most of the applicants are majorly anxious about the rate of interest and APR, as it affects the total cost. The rate change calculator shows you the impact of different interest rates on your mortgage cost. You can take a smart and informed decision on what rate can suit.
  • Repayment calculator – All the borrowers in a deal have a set share in the repayments, and the repayment calculator solves that purpose in a few seconds. If a person is taking a joint mortgage with parents, the calculator shows what instalment amount they all should pay individually.
  • Stamp duty calculator – Stamp duty is a type of tax that the applicants need to pay when they buy a property. A stamp duty calculator calculates the amount that the borrowers need to pay as the tax.
  • Overpayment calculator – To pay off a mortgage faster, some borrowers try to make part payments/overpayments during the tenure. It saves a lot of money on the interest rates. Through an overpayment calculator, one can get to know how much money can be saved by making overpayments.

Why is it not possible to avoid a calculator?

When the applicants are more than one, it becomes legally necessary to decide every part of the deal's responsibilities. In a joint mortgage, things are always complicated, and in the absence of clarity, new clashes may arise, which causes the ultimate loss to the lender. If any borrowers fail to make the repayments, the mortgage provider has to bear a significant loss. It is the reason that all the partners should get the responsibility that they can afford to complete.

The calculations become even more critical in joint mortgage types such as joint borrower sole proprietor mortgage.

In this type, the name of only one person can be mentioned on the deed. The other participants have no ownership right on the property. In such cases, everyone should have a precise idea about his/her share in the monthly instalments. Their responsibility is to contribute to repayments. In such cases, the borrowers may later change their minds about the continuity of their role in repayments.

After all, their names are not present on the deed. But that does not keep the applicant free from the liability part. Therefore, it is necessary to decide the duties in advance to prevent any confusion and chaos later. However, even if it is a joint ownership mortgage or tenancy in the standard mortgage, the importance of a calculator can never be denied.

Shine Mortgages always makes efforts to make that the mortgage applicants get a rational deal that is relatable to their financial goals. If you still have any doubts, you can always come to us as our presence is 24x7 and we work on bank holidays.