Joint borrowers share ownership of a property and the mortgage used to buy it. However, they can be held solely responsible for repaying the mortgage even if the other borrower fails to make their regular contribution to the monthly payments. The legal term is "joint and several liability".
When making amendments to your mortgage, depending upon the type of amendment, the signature of both borrowers may be required e.g. change of term or repayment type.
In terms of membership of the Society, it is important to note that where there are joint borrowers the person who is named first on the mortgage account is the "representative joint borrower" and as such is the only member in relation to that account who is entitled to attend and vote at Society general meetings. When you fill in your mortgage application form the person who wishes to be the "representative joint borrower" should fill in the section headed "1st applicant".
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
