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3 names on a mortgage
Pat2524
Posts: 11 Forumite
I am hoping someone can help - trying to get a mortgage for Son 2
Me - 60 with house worth £280,000 no mortgage, permanent job p/t c£16,000 (fte £26k) plus other regular income but with CCJ 4 years ago, satisfied 2 days outside the month of being issued (long story, but the insurance company did not pay after failure of no win no fee case so I had to pay costs )
Son 1 - Works in London f/t, rents a small flat and lets out his house in Manchester which covers rent of London flat.
Son 2 - Difficulty in finding permanent job in order to get mortgage. Has lots of temp jobs from 1 month to 6 months.
Savings for deposit £20k (me), £20k (Son 2) £10k (Son 1). I will give the £20k (will be reflected in my Will, Son 1 aware) and Son 1 will lend £10k with no terms on time for paying back. So £50k for deposit - looking at small house c£140. Son 2 will live in it and rent out a room to cover his share of the mortgage.
So, my question is, is it possible to get a mortgage with all 3 names on it? Can Son 2 pay back his brother when he gets a permanent job and get him taken off the mortgage (presumably will have to re-mortgage) as Son 1 will want to sell his house in Manchester in next few years and buy in London
Polite and helpful replies welcome - thank you
Me - 60 with house worth £280,000 no mortgage, permanent job p/t c£16,000 (fte £26k) plus other regular income but with CCJ 4 years ago, satisfied 2 days outside the month of being issued (long story, but the insurance company did not pay after failure of no win no fee case so I had to pay costs )
Son 1 - Works in London f/t, rents a small flat and lets out his house in Manchester which covers rent of London flat.
Son 2 - Difficulty in finding permanent job in order to get mortgage. Has lots of temp jobs from 1 month to 6 months.
Savings for deposit £20k (me), £20k (Son 2) £10k (Son 1). I will give the £20k (will be reflected in my Will, Son 1 aware) and Son 1 will lend £10k with no terms on time for paying back. So £50k for deposit - looking at small house c£140. Son 2 will live in it and rent out a room to cover his share of the mortgage.
So, my question is, is it possible to get a mortgage with all 3 names on it? Can Son 2 pay back his brother when he gets a permanent job and get him taken off the mortgage (presumably will have to re-mortgage) as Son 1 will want to sell his house in Manchester in next few years and buy in London
Polite and helpful replies welcome - thank you
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