Tenants in common Joint bank account

joshr252

Hello everyone, 

A friend and I have recently bought a house as tenants in common. We're having small issue that the mortgage and bill payments can only be taken out of one account, instead of being split between our own accounts. We've suggested maybe opening a joint account and putting anything house related onto this account. Otherwise we have to constantly transfer each other payments and try to calculate money all the time.  
Is opening a joint account a good idea? Or are there any other alternatives? 

Many thanks!

Josh 

grumbler

A joint account links your credit histories. It can be good (mortgage payments contribute to both  histories) and bad (worse history affects better one).

If a joint account is only for bills and DDs, you don't need an extra debit card and a single account on someone's name opened for this purpose can do the job.

joshr252

grumbler said:

A joint account links your credit histories. It can be good (mortgage payments contribute to both  histories) and bad (worse history affects better one).

If a joint account is only for bills and DDs, you don't need an extra debit card and a single account on someone's name opened for this purpose can do the job.

Our credit histories are pretty similar, same with our credit score. This would only be a problem if something was happen to one of us in the future. 

So you're saying to create a normal bank account in someone's name with no card. and just use this account to pay Direct debits/bills? I still feel like this would have the same problem of one person having more responsibility than the other one? (whoever's name is on account).  

Descrabled

Open a joint account. 

Your credit histories will be joined already by the mortgage.  If something goes wrong with your mortgage then both histories will be affected anyway.

Joint accounts can be very good if you both have sole accounts with same bank as cash transfers can be easily made between accounts.

I have joint accounts with Ms Descrabled in 6 banks, 2 of them before wedding. I think trust is very important between partners. and having joint accounts is a sign you trust your partner.