Mortgage when shared ownership

BrunoM

Hi all

does anyone know whether some mortgage providers will offer a mortgage to a part-owner - e.g. If I own 2/3 of a property and my mother owns 1/3, can I take out a mortgage on the part I own?

Thanks

marksoton

BrunoM wrote: »

Hi all

does anyone know whether some mortgage providers will offer a mortgage to a part-owner - e.g. If I own 2/3 of a property and my mother owns 1/3, can I take out a mortgage on the part I own?

Thanks

No. Because how would lenders repossess if you defaulted?

davidmcn

No, they need a property they can actually repossess and sell - who'd want to become a joint owner with your mum?

BrunoM

I ask because L&c suggested "a few providers may do" and are out exploring, but it seems unlikely to me...

The reasons would be because it allows some of the asset value to be distributed to siblings without going down equity release route, basically. Also good for me to be paying a mortgage in many ways.