There are lots of decisions to make when you are in a married couple, and not all of them will be as easy as what you want to have for dinner that night.

Financial troubles can put a huge strain on your marriage, and getting through them together in a way that works for both of you hard. There are lots of reasons that you might find yourselves struggling, such as needing a home loan to help buy your home together, needing to carrying work on your home, or needing a new car.

However, this article will focus on what you want to get a joint home loan. If you decide that you need to take out a loan to help you handle this, then there are lots of things you need to keep in mind, especially if you decide to do so jointly.

Think about how easily the two of you will be able to make the repayments

If you and your spouse decide that you want to borrow the money jointly, then you may be able take our more cash than you could if you did it as individuals. However, you should think carefully about how much each of you can afford to pay back each month, as one of you could end up paying for most of it if the other cannot. Take time to sit ad discuss this carefully, and be honest with each other when talking about the figures.

You are both responsible for the repayment of the entire loan, not just what you spend, and nor do you split it down the middle so that one of you pays half and so does the other.

Think about the credit ratings that each of you has

While taking out a joint loan an sometimes help you get credit, your histories get linked to one another, so you should keep this in mind if one of you doesn’t have a very good rating. However, if you of you does have a poor credit rating and your partner has a good one, then it could help to improve upon a person’s poor credit score, and help then to get a loan in the first place because of any bad credit history that they may have alone. However, if you fail to make repayments, this will impact of both credit ratings.