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one person wants to mortgage a let property owned by three people
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richard_r_2
Posts: 6 Forumite
One person wants to release equity from a let property that is owned by three people. Can that one person take out a buy to let mortgage on their own with the others agreement? also will that one person by able to claim all the mortgage interest against their income or will it have to be divided by three?
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Comments
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No. A lender cannot take as security a property owned by more than one person for a loan to only one of them. All the owners would have to borrow jointly.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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thanks for the response. I thought as much....0
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