Remortgage a house with different dou

Discussion in 'UK Property' started by JoeO, Oct 4, 2019.

  1. JoeO

    JoeO New Member

    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.
     
  2. FWL

    FWL Member

    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.
     
  3. JoeO

    JoeO New Member

    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.
     
  4. 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?
     
  5. Longterminvestor

    Longterminvestor Administrator

    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?
     
  6. lookinginvest

    lookinginvest Member

    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.
     
  7. Conrad Paton

    Conrad Paton Member

    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
     
  8. Fair points :)

    But there must surely be a way to own part of a property?
     
  9. Conrad Paton

    Conrad Paton Member

    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.
     
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