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Mortgage 50% stake in tenants in common property
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CPH1993
Posts: 1 Newbie
Hi all, first time poster apologies if in the wrong place.
I own 50% of a property as tenant in common. Is it possible for me to get a sole mortgage on my share to pay for renovation work/consolidate debts?
I own 50% of a property as tenant in common. Is it possible for me to get a sole mortgage on my share to pay for renovation work/consolidate debts?
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No. Lenders can't repossess half a house.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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CPH1993 said:Hi all, first time poster apologies if in the wrong place.
I own 50% of a property as tenant in common. Is it possible for me to get a sole mortgage on my share to pay for renovation work/consolidate debts?@CPH1993 Not with a standard residential mortgage or lender.You *may* be able to get a second charge loan against a jointly owned property in your single name but the co-owner will need to sign the legal charge document to agree to this and the loan will be secured against the whole property.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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