Remortgage joint owners

moti24

Hi, my husband jointly owns his family home with his mother, tenants in common with 50/50 split. They have a lot of equity in the property and my husband is keen to remortgage his share to buy another property to rent out. My mother in law is retired and in her late 60s and he has been told (Informally by a couple of friends who own property)  it isn’t possible unless my mother in laws name is removed from the deeds. She is not keen on this. Anyone know of anyway round this? Any further borrowing would only be in my husband and possibly another family members name, so she would not be responsible for any repayments. 

cooltt

moti24 said:

Hi, my husband jointly owns his family home with his mother, tenants in common with 50/50 split. They have a lot of equity in the property and my husband is keen to remortgage his share to buy another property to rent out. My mother in law is retired and in her late 60s and he has been told (Informally by a couple of friends who own property)  it isn’t possible unless my mother in laws name is removed from the deeds. She is not keen on this. Anyone know of anyway round this? Any further borrowing would only be in my husband and possibly another family members name, so she would not be responsible for any repayments. 

Your mothers friends are correct, that's the whole point of tenants in common , nothing can be done with the property without agreement by both tenants. If it all went wrong, how exactly would a lender go about repossessing half of a property?