Can property ownership shared proportion different from mortagage shared proportion?

ileven1225

Hi everyone,

a quick question, my wife owns the property of 80% and I own 20% of the property, currently it's mortagage free. We would like to remortgage the property to get some cash. However, my wife is housewife and the rental income is only her income. I would like to be responsible and pay for 100% of mortagage every month, is it allowed by any lenders?

Thanks

MovingForwards

Basically you and you wife have an agreement that she owns 80% and you own 20%.

You, both?, want to mortgage the property, in joint names?, but you pay the mortgage.

People do it all the time, the mortgage lender only cares about the mortgage being paid each month. But if anything happens and it doesn't get paid, they go after both.

Speak with a broker as they will find the right lender for your whole circumstances.

greatcrested

You will need a BTL mortgage. As the property is in joint names, the lender will look at your joint incomes, as well as the rent/mortgage ratio. Who actually pays the mortgage is not something they'll care about.

ileven1225

MovingForwards said:

Basically you and you wife have an agreement that she owns 80% and you own 20%.
You, both?, want to mortgage the property, in joint names?, but you pay the mortgage.

I thnk as the property has the shared ownership, the mortgage has to go with joint name, is it correct?

Can the property has shared ownership, but when it is remortgaged, the mortgage only under my name? Is it possible?

Thanks!

[Deleted User]

https://forums.moneysavingexpert.com/discussion/6088392/gift-a-mortgage-free-property-to-my-house-wife

greatcrested

I believe one or two lenders allow this, but most don't. If they have to repossess because the mortgage borrower fails to pay the mortgage, they have the problem of evicting an owner who has not done anything wrong (ie had no obligation to pay the mortgage). See an independant mortgage broker.

ileven1225

greatcrested said:

I believe one or two lenders allow this, but most don't. If they have to repossess because the mortgage borrower fails to pay the mortgage, they have the problem of evicting an owner who has not done anything wrong (ie had no obligation to pay the mortgage). See an independant mortgage broker.

The property is buy to let, so the mortgage will be buy to let. Is it still an issue?

greatcrested

ileven1225 said:

greatcrested said:

I believe one or two lenders allow this, but most don't. If they have to repossess because the mortgage borrower fails to pay the mortgage, they have the problem of evicting an owner who has not done anything wrong (ie had no obligation to pay the mortgage). See an independant mortgage broker.

The property is buy to let, so the mortgage will be buy to let. Is it still an issue?

Same issue.

I believe one or two lenders allow this, but most don't. If they have to repossess because the mortgage borrower fails to pay the mortgage, they have the problem of repossessing from an owner who has not done anything wrong (ie had no obligation to pay the mortgage). See an independant mortgage broker.