Taking out a joint loan may mean you can afford a larger amount due to your combined incomes. However, it does mean you are sharing the responsibility of paying it back, so it’s important to make sure it’s the right option for you both.
If you’re approved for a joint loan, your credit files will be linked. If you apply for credit in your own name in the future, a credit search would be able to see the other person’s credit history and take that into account as well as your own. Any missed repayments would also show up on both credit files.
You will also still need to pay the loan back if the relationship between you both comes to an end. Therefore, it’s important you are both aware of your responsibilities before applying.