mortgage on co-owned property.

kidmugsy

Suppose you want to buy a property as tenants in common, one co-owner supplying half the price; the other wants to take out a mortgage for 75% of his half and supply the other 25% as deposit.

Both owners would appear on the deeds: is it necessary that both be on the mortgage so that both are liable for ensuring that the monthly payments are made?

CLAPTON

yes of course

a mortgage provider would find it difficult to sell half a house so they want the owners (i.e. those on the deeds) to also be on the mortgage

The_J

With most mortgage lenders yes, there are one or two where you can get round it (HSBC from memory).

I just tell people to both go on the mortgage, it's not worth the ballache.