Preparing financially
Buying a home with a partner
Joint applications combine both incomes and both debts — and the legal choice between joint tenants and tenants in common has real, lasting consequences.
- A joint application combines both incomes, but also both debts and credit histories.
- Joint tenants each own the whole property equally, with automatic survivorship on death.
- Tenants in common each own a defined (possibly unequal) share, which can be left to anyone in a will.
- Which title structure suits a couple depends on their specific circumstances.
Joint applications
Applying jointly generally means both incomes count toward borrowing capacity, but both applicants' debts, credit history and expenses are also assessed together — a partner's existing debt or credit report issue can affect the whole application, not just their own borrowing.
Joint tenants vs. tenants in common
These are two legally different ways to hold title, with real consequences. Joint tenants each own the whole property equally; if one owner dies, their share automatically passes to the surviving owner (regardless of a will). Tenants in common each own a defined, potentially unequal share (e.g. 60/40), which can be left to anyone in a will and doesn't automatically pass to the co-owner. Which structure suits a couple depends on their specific circumstances — this is exactly the kind of decision worth raising with a conveyancer or solicitor before, not after, settlement.
Practical checklist
Before applying and settling as a couple
- Discuss and disclose both partners' existing debts and credit history early
- Decide, with a conveyancer or solicitor, between joint tenants and tenants in common
- Consider whether a cohabitation or co-ownership agreement suits your situation
Questions for a professional
- Given our specific contributions, would joint tenants or tenants in common suit us better?
- How would my partner's existing debt affect our joint borrowing capacity?