Does joint ownership have to mean joint mortgage?

4 Posts

Hi
i jointly own a house and currently have a joint mortgage with my mum. I’m hoping to remortgage in the next couple of months and want to borrow more to consolidate some debt? Mum’s age (72) is limiting my options even though there is more than enough equity in the house and theoretically my salary alone qualifies the amount I’m looking for. My question is: Can I take on a repayment mortgage independently when we are joint owners?
i jointly own a house and currently have a joint mortgage with my mum. I’m hoping to remortgage in the next couple of months and want to borrow more to consolidate some debt? Mum’s age (72) is limiting my options even though there is more than enough equity in the house and theoretically my salary alone qualifies the amount I’m looking for. My question is: Can I take on a repayment mortgage independently when we are joint owners?
0
Latest MSE News and Guides
Replies
I’m a Forum Ambassador and I support the Forum Team on the 'Mortgages & Endowments', 'House Buying, Renting & Selling' and 'Mortgage-free Wannabe' boards. If you need any help on these boards, do let me know.
Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.
------------------------------------------------------------------------------
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.
Kent reliance come up on criteria search for doing Sole Application Joint Proprietor but i've never tried one with them.
OP - have you tried lenders who have no upper age limit? If you are only using your salary this could be an option. Its a tricky case so might be worth speaking to a broker to see what obscure options can be found