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Tenants in a common
Noemie123
Posts: 2 Newbie
Hi there
Looking for some advice in buying a property as tenants in common.
A family member is looking to buy a property and has been struggling to save a large enough deposit due to high house prices where in our area. We have recently come into some money and would like to help them but without doing it as a loan.
One idea we had was to purchase a property as tenants in common where we can use our capital for our share leaving them to need less of a mortgage. Is this something that is possible? Would they we able to get a mortgage just for their share?
Or any other suggestions?
Thanks
Looking for some advice in buying a property as tenants in common.
A family member is looking to buy a property and has been struggling to save a large enough deposit due to high house prices where in our area. We have recently come into some money and would like to help them but without doing it as a loan.
One idea we had was to purchase a property as tenants in common where we can use our capital for our share leaving them to need less of a mortgage. Is this something that is possible? Would they we able to get a mortgage just for their share?
Or any other suggestions?
Thanks
0
Comments
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no, any owner of a property must be party to any mortgage secured on the property for obvious reasons. A lender wants all owners to have joint and several liability for the mortgage in case of default and repossession.
you can get sole owner, joint borrower mortgages, but you cannot get joint owner, sole borrower.0 -
but you cannot get joint owner, sole borrower.
HSBC?
https://forums.moneysavingexpert.com/discussion/5118119/sole-mortgage-joint-ownership-a2-indirect-legal-charge
https://forums.moneysavingexpert.com/discussion/5763258/can-i-go-on-the-deeds-but-not-on-the-mortgage0 -
How would you ever plan to get your money/investment back if its their home?0
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If you already own a property then it will be +3% stamp duty on the whole purchase, who will pay that?
Are you going to charge rent on your share?0 -
Is there a reason why it couldn't be a loan to be repaid upon sale of the house. You can have a charge registered against the property to secure it.0
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