Joint Account for Mortgage

Adamc

Hi all

My partner and I have submitted a mortgage application. Are we better off setting up a joint account for paying this and the bills?

Just wondered how everyone else handles this? First time buyer here.:money:

Many thanks

Trina90

That's what we did when we bought our home 3 years ago and it works well for us

G_M

As long as the mortgage gets paid each month......

Caraway90

We have a joint account that we both pay a set amount into at the start of the month which covers the mortgage, all the bills, the food shop, any joint bills and purchases basically
I would find doing it any other way too confusing and too much messing about!

Rambosmum

Are you currently living together? If so, how do the bills get paid now? Is it working for you? If it is there is no need to change it simply for a mortgage.


When we moved in together we set up a joint account and paid a set amount in each month which covered all the bills.


At first it was 50% each but as our wages have become considerable different we now pay it as a %, so say our income is £1000 and the bills are £500 but partner one earns £750 and partner 2 £250 partner one pays £375 and partner 2 £125).

LandyAndy

Caraway90 wrote: »

We have a joint account that we both pay a set amount into at the start of the month which covers the mortgage, all the bills, the food shop, any joint bills and purchases basically
I would find doing it any other way too confusing and too much messing about!

We did it this way for many years and it worked well.

Changing circumstances have meant that we now pay all our earnings into a joint account and take out a fixed sum each, each month, for personal spends. This also works well.

The most important thing is that both parties think it is a fair way of doing things.

Katapolt

Thats what we did and it made life so much easier! we know we have X amount in our Household pot for everything each month

kingstreet

If a hard credit search will be needed for a joint account application, leave it until after completion.

You should not apply for any new credit (or have any hard searches) between application and completion.

davidmcn

When I've done it we've just paid different things individually and then balanced it up at the end of the month if need be, rather than open a joint account. As mentioned, you risk having things unpaid unless you're also paying in salaries etc to the same account or are disciplined enough to transfer sufficient funds manually.

Jane_B

We have a joint account we each pay 50% of the outgoings+ joint savings into at the end of every month, the rest is kept in our own personal accounts to do with as we wish.

MoonStar

My partner and I haven't got to the mortgage part yet but we are living together. When we moved in we setup a joint account. We both pay in the same amount every month to cover rent, bills and shopping.

Our salaries are similar at the moment so it works well. I like how we both have our own bank account separately so we can do birthday and Christmas without seeing "spoilers" on the bank statement! Also i feel less guilty buying bits and bobs and my partner feels less guilty about buying video games!

When we get our mortgage we will defo be keeping it the same! It's just so easy to see what you have to play with after setting the money aside for essentials!