Tenants in Common & Remortgaging

armyhedge

Hello, I am i the process of buying a house with my other half. We are going to be tenants in common with unequal shares.

Question: can we review the splits when we remortgage or is what we decide now 60:40 set for the rest of time.

Thanks

Kynthia

Your solicitor should be able to confirm but as far as I'm aware the percentages of ownership are completely unrelated to your mortgage. Therefore as long as you both agree I would imagine a solicitor could change it for you at any time. Someone else will need to confirm whether CGT or stamp duty is affected but the former only would come into play if it wasn't your primary residence.

chelseablue

We own our house 70:30 and when we took out the mortgage the lender didn't ask anything about ownership split or anything about joint tenants/tenants in common.

getmore4less

You can change it at any time,

what you need to so is understand why you are splitting it and how you got to 60:40 and what will be changing that needs the % to change.

Many don't understand the separation of equity from debt and end up with trust deeds that don't reflect what they are really trying to do.