Tenants In Common Mortgage

licky_face

Hi,

I'm trying to get an 80% mortgage for £115k. I've just rang a bank to apply and they said that because I want to put the house down as tenants in common (60/40 ish split) they can't deal with me on the phone and I have to go into the branch but it may cause problems on my application?

I suggested just doing it as joint tenants and I'd get something drawn up afterwards to protect my deposit money but they said now that I've mentioned tenants in common they have to refuse to speak to me on the phone? !!!!!!?

Is there any point trying to get a mortgage when I want the house to be tenants in common or will nobody lend on it?

Senior_Paper_Monitor

One of the many reasons for not taking your 'advice' from banks.

What absolute nonsense.

I know of no lender that has any problem with either tenancy option.

Tenant in Common + Deed of Trust is very often the best way to protect an uneven split in investment in property.

herbiesjp

Joint tenants or tenants in common does not make any difference.

There are many reasons for wanting a split like this done.

Either call the bank again or place with a different lender.

You do not have to mention any of that to the lender yourself anyway - your solicitor/conveyancer would be responsible for drawing the necessary paperwork and notifying the relevant people.