additional borrowing in sole name but on a property that is part owned

Alad1n

Hi,

Anybody know a straight answer to the issue of raising additional borrowing for home improvements on a property whereby I have part ownership but not majority ownership of a property. Depending on who I talk to I get different answers. The problem is the other person is retired and I have been told that in order for me to have a further advance or to remortgage on myself alone would remove the other named person on the deed. I would just like to add this is a parent and as such has more equity in the property than I and I would not wish to alter the overall equity balance.

Is it possible to keep her as named mortgagee despite the additional borrowing being based solely on my circumstances?

Comyface

Lenders will require the names on any borrowing secured against the property to match the Land Registry. Their security would be compromised any other way.

You could still do the borrowing in joint names, just using your income, as long as you're both aware that you're both responsible for the debt. If you only want the borrowing in one name, it's either unsecured or change the ownership of the property I'm afraid.