You want to take out a loan and you are married or you live together. What are the possibilities?
- The loan is in the name of both partners
If you take out a loan as a married or cohabiting couple, you are both responsible for the loan (if you live at the same address). You can take out a higher loan amount or benefit from a lower interest rate because the lender takes your incomes together. A loan in two names gives the bank more security, hence these favorable loan conditions.
- The loan is in the name of one partner
This option is only possible in a few cases and under exceptional conditions. Taking out a loan on the basis of one income gives the bank less security, so the bank charges a higher interest or your maximum loan amount is lower. Ask for our conditions .
Signing for a loan together
Applying for a loan together means signing the loan agreement with the bank together, even if the loan is only used by one partner. If you want to take out a mortgage for your joint home, permission from the partner is also required in addition to a signature. This is also the case with hire purchase and installment purchase.
House as collateral
A frequently asked question is: "Can we borrow money with our own house as collateral?" The answer to this question is no. You can use our loans and WOZ credit especially for home owners. They offer you a lower interest rate because a homeowner has proven to pay better than a rented householder. You offer the bank more security, which gives you the advantage of a lower interest rate or the option to borrow a higher amount.
Who is liable for the loan?
Who is liable for which part of the loan? You are both liable for the loan if you live together, are married in community of property or in a registered partnership. You are then each jointly and severally liable for the loan for the entire amount, so for the entire debt. If you are married under a prenuptial agreement, the liability as included in these conditions applies. This liability applies in the event of, for example, a divorce or bankruptcy. During the marriage or partnership, you may of course share the payment of the costs yourself.