Joint buy to let

Paul_Sandie · 25 March 2019 at 9:33PM

My wife , who doesn't work lets out her flat which she had before we married. She is sole legal and beneficial owner. We've paid off the mortgage on our home and are considering buying a second buy to let property. Can we get a joint mortgage, possibly based on my salary, and put the property in my wife's name, I.e. make her sole legal and bebeficial owner ?

nrsql · 25 March 2019 at 9:43PM

I doubt if you could get a joint mortgage on a property to be owned by your wife - maybe with you as a guarantor?

Why not get a (cheaper?) residential mortgage on your home and buy the property without a mortgage. For tax if the mortgage is for the purpose of buying the property it doesn't matter which property it is on but might put your home at risk.

glosoli · 25 March 2019 at 9:44PM

You can potentially do a joint mortgage, sole title purchase, meaning the property is legally hers, but you are both jointly liable for the mortgage. Not every lender does this so you would have to do a bit of research.