Joint secured loans
Better together? Maybe. Borrowing as a pair could unlock more money and improve your chances of approval.
Related articles
Unlock More with a Joint Secured Loan
Looking for a larger loan with better chances of getting approved? A joint secured loan could be the answer. By applying with someone else - let's say a spouse, partner, or close relative - you might be able to access better rates, higher amounts, and more comfortable repayments.
Why choose a joint secured loan?
A joint secured loan lets two people use their combined financial strength and home equity to secure a loan. That can open more doors than applying solo. Here's why it's worth considering:
- Higher loan amounts: Lenders look at both incomes, increasing how much you can borrow.
- Better affordability: Shared responsibility means monthly repayments can be smoother.
- Boosted chances: Two applicants can make a stronger case to lenders.
- Ideal for homeowners: Perfect if you're joint owners of a property with enough equity.
Tip: Lenders still carry out credit and affordability checks on both applicants, but your combined profile could work in your favour.
Who can apply for a joint secured loan?
You don't need to be married or in a civil partnership to apply jointly. What matters is trust and joint ownership of a property. Common pairs include:
- Married couples
- Long-term partners
- Siblings
- Other close family members
- Friends who co-own a home
- Business partners or co-investors
Tip: Both of you must agree to the terms - you're equally responsible for repaying the loan. If one person can't pay, the other is still liable.
Summing up
Joint secured loans are a powerful way to borrow more by combining income and sharing responsibility. They're not right for everyone, but if you co-own property and trust each other, it could be a smart move.
Frequently Asked Questions: Secured Loans
What happens if one borrower can't repay?
If one borrower misses a payment or can no longer contribute to the loan, the other borrower is still legally responsible for making the full repayment. This is known as joint and several liability. It's vital that both applicants understand this risk before applying, as the lender can pursue either or both of you for the full amount if repayments aren't made.
Can we apply if we're not married?
Yes - you don't need to be married to apply for a joint secured loan. Many lenders accept joint applications from unmarried partners, siblings, friends, or even business partners - as long as both applicants are listed as legal co-owners of the property being used as security. What's important is that both of you have stable finances and a mutual agreement to repay the loan.
Will both credit scores be checked?
Yes - lenders will assess both applicants' credit reports in detail. They want to see a history of responsible borrowing and a good credit score from each of you. If one applicant has poor credit, it could impact your eligibility or increase the interest rate you're offered. That said, strong credit from one of you might help balance out weaker credit from the other.
What's the maximum we can borrow jointly?
The amount you can borrow depends on your combined income, other debts, and how much equity you have in the property home. In many cases, joint borrowers can access £50,000 to £250,000 or more, depending on their finances. Some lenders may even offer higher amounts for people with excellent credit and enough home equity.
Can we get a joint loan on a buy-to-let property?
It's possible, but more limited. Some lenders do offer joint secured loans against buy-to-let properties, but they often have stricter criteria. Both of you will need to prove rental income, and the property must meet certain valuation standards. Most joint secured loans are designed for homeowners living in the property (residential), so it's worth checking with specialist lenders if your property is buy-to-let.
Articles that might interest you
8 Common Mistakes with Secured Loans & How to Avoid Them
Learn 8 common mistakes to avoid when taking out a secured loan – like borrowing more than you need or not having a repayment plan.
Top 10 Benefits of Secured Loans – Why Choose a Secured Loan?
Secured loans offer lower interest rates, higher borrowing limits, and longer repayment terms. Uncover the top 10 benefits of choosing a secured loan.
Secured Loans from Barclays | Borrow Up to £2M
Barclays offers secured loans with borrowing up to £2,000,000. Backed by a major UK bank, get competitive fixed or tracker rates. Apply now.
The details shown are for illustration only and may not include all lenders or products. Actual rates and terms depend on your circumstances and the lender’s assessment. Information was correct at publication but may change at any time.
