Remortgage a house with different dou

[JoeO]

Hi there guys,

Just wanted to clarify something. My mom and dad own the house I live in , however my dad wants to sell his half and I want to mortgage for his half. I spoke to a real estate mortgage advisor , who said I need to get a join mortgage with my mom as we’d both eventually own the house. I thought I’d be able to get a mortgage on my own ?

Can anyone help me out ?

Thank you.

 

[FWL]

I am surprised that this was the advice. I would have thought it was a straight forward purchase of your father's half of the house? If a third party wanted to part own a house, would they need a joint mortgage with the other owner, no. I would probably take further advice before committing to anything.

 

[JoeO]

I am surprised that this was the advice. I would have thought it was a straight forward purchase of your father's half of the house? If a third party wanted to part own a house, would they need a joint mortgage with the other owner, no. I would probably take further advice before committing to anything.

My thoughts exactly. I just thought it would be a straight mortgage for myself for the other half. That’s solely in my name, however he was adamant it would be a joint mortgage. Just wondered if anyone else had more advice or insight into the matter.

 

[PostBrexitInvestor]

If you were forced to get a joint mortgage then your mum would be forced to pay up her existing mortgage, take out a new one with you and all the costs this entails. I could also see an issue if you mum is of a certain age when say a 25 year mortgage may not be appropriate.

All I can think is that you maybe dont qualify for a mortgage on your own income and they require you mum as a kind of guarantor?

 

[Longterminvestor]

The idea of forcing your mum to take our joint mortgage with you, and at the same time remortgaging her current finance, does not make sense. I think there has been a misunderstanding here or simple wrong advice?

 

[lookinginvest]

I agree with what has been posted above - contact a mortgage broker to see what options you have. Something doesnt seem right to me here.

 

[Conrad Paton]

Guys,

You cannot take out a mortgage for half a property.
A mortgage is a registered charge.

What if you default on your payments, do you expect the mortgage company to repossess half a house? Which half exactly ? The top or bottom??

You have to buy the whole house with a mortgage. To do that one or more people can apply for a mortgage.

Lenders criteria apply as always.

The OPs mortgage advisor is correct.

Conrad Paton

 

[PostBrexitInvestor]

Fair points

But there must surely be a way to own part of a property?

 

[Conrad Paton]

There is..

With cash ..

or some other lending that does not put a registered charge on the property.

E.g a family member lends you the cash to buy half an investment property.