Get clear on what's at stake when you borrow with others
Understanding 'joint and severally liability loans' and what it means for you.
You might think when you take out a joint mortgage with someone else you’re only responsible for your ‘half’ or share of the loan.
Think again because this is not the case.
- By signing a mortgage contract with someone else, you’re each agreeing to pay off the whole debt if the other can’t – or won’t – pay it.