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Does joint ownership have to mean joint mortgage?

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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?

Comments

  • K_S
    K_S Posts: 6,877 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    @susied70 There used to be one mainstream lender that did Sole Borrower Joint Propreiter mortgages but afaik no one does it anymore. With a low LTV you should still have options for a remo with your mum on it, but it appears that you already know that.

    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.

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Have HSBC stopped doing them?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Second Anniversary Name Dropper
    edited 30 January 2021 at 11:36AM
    Have HSBC stopped doing them?
    yeah they stopped around q3 last year.  Stopped taking joint borrower sole proprietors as well from brokers around the same time. Havent heard of them restarting either scheme recently

    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
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Is the property your mothers home? 
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