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re/mortgage - title deeds
salander_2
Posts: 1 Newbie
Hello,
I have a £25k professional development loan that I will start paying off later his year. My mother has kindly offered to allow me to use the family home to borrow against/mortgage to pay off the loan and have a longer payment holiday in order to travel, or get on the property market study further etc. The home is fully paid off and has been for a number of years.
She want to deed of gift it to me, however 1/3 of the house is held my by father. Does anone know if it is possible to get a mortgage on 2/3 fo a property held as tenants in common? I know full title deeds will be required for most loans but I thought I would see if anyone has any views on this. We are currently arranging transfer of the remaining third but this is taking a very long time.
grateful for any feedback!
S
I have a £25k professional development loan that I will start paying off later his year. My mother has kindly offered to allow me to use the family home to borrow against/mortgage to pay off the loan and have a longer payment holiday in order to travel, or get on the property market study further etc. The home is fully paid off and has been for a number of years.
She want to deed of gift it to me, however 1/3 of the house is held my by father. Does anone know if it is possible to get a mortgage on 2/3 fo a property held as tenants in common? I know full title deeds will be required for most loans but I thought I would see if anyone has any views on this. We are currently arranging transfer of the remaining third but this is taking a very long time.
grateful for any feedback!
S
0
Comments
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It doesn't matter who owns what share as far as a lender is concerned. They don't lend on bits of property. They lend on, and repossess all of it.
The joint owners will all have to be borrowers and the debt is joint and several, so everyone gets chased for payment if you default.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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