Shared Ownership Mortgage

JeremyIoW

Hi - probably a quick question but cannot find a definitive answer on the previous posts.

I own 75% of a property and a family member the remaining 25%, neither of us have a mortgage on our share of the property.

The property is in need of renovation and thinking about a small mortgage (20% of the value of my 75%), if I take out a mortgage on my 75% of the property will I need approval from the other family member and will they be notified if I take out the mortgage?

Thanks
Jeremy

MovingForwards

if I take out a mortgage on my 75% of the property will I need approval from the other family member?
-- yes as you own the property together 

will they be notified if I take out the mortgage?
-- they will probably need to be part of the mortgage.

Can you not just take a mortgage for the 25% plus the renovation costs and buy the family member out, it will potentially save a lifetime of problems.

[Deleted User]

As above, if you are both on the deeds you will both be on the mortgage