Is this a thing re additional borrowing

SuperSonicDog

Hi hoping someone can advise if this is a thing or not.

We’re thinking of taking some equity from our property. The current mortgage is in my name only. I understand that we would keep this mortgage and the further borrowing would be like a additional mortgage - is it possible this part only could be in joint names? So the bulk of the mortgage to continue in my name over 16 years and the additional in joint names over 9 years? If it all had to go in joint names it brings the term down quite a bit due to partners age meaning the payments would probably be too much. 

Hope I’ve been clear in explaining and any thoughts welcome, thanks 😃

housebuyer143

SuperSonicDog said:

Hi hoping someone can advise if this is a thing or not.

We’re thinking of taking some equity from our property. The current mortgage is in my name only. I understand that we would keep this mortgage and the further borrowing would be like a additional mortgage - is it possible this part only could be in joint names? So the bulk of the mortgage to continue in my name over 16 years and the additional in joint names over 9 years? If it all had to go in joint names it brings the term down quite a bit due to partners age meaning the payments would probably be too much. 

Hope I’ve been clear in explaining and any thoughts welcome, thanks 😃

The mortgage needs to be in the names of the people on the title deeds I believe, so you can't mortgage part in your name and part in another. 

K_S

SuperSonicDog said:

Hi hoping someone can advise if this is a thing or not.

We’re thinking of taking some equity from our property. The current mortgage is in my name only. I understand that we would keep this mortgage and the further borrowing would be like a additional mortgage - is it possible this part only could be in joint names? So the bulk of the mortgage to continue in my name over 16 years and the additional in joint names over 9 years? If it all had to go in joint names it brings the term down quite a bit due to partners age meaning the payments would probably be too much. 

Hope I’ve been clear in explaining and any thoughts welcome, thanks 😃

@supersonicdog What the poster above said, both parts would need to be in the same names.

Are you sure about the max term, which lender is it and how old are they? Assuming the kind of job is conducive to going beyond 70, lenders can go to 70-75-80 depending on their specific policies.

FashionHeart

SuperSonicDog said:

Hi hoping someone can advise if this is a thing or not.

We’re thinking of taking some equity from our property. The current mortgage is in my name only. I understand that we would keep this mortgage and the further borrowing would be like a additional mortgage - is it possible this part only could be in joint names? So the bulk of the mortgage to continue in my name over 16 years and the additional in joint names over 9 years? If it all had to go in joint names it brings the term down quite a bit due to partners age meaning the payments would probably be too much. 

Hope I’ve been clear in explaining and any thoughts welcome, thanks 😃

I was in the same situation as I wanted to take some equity from the property, but my name wasn't on the mortgage at the time.
In order to get additional borrowing and to take equity, both borrowers' names have to be on the mortgage as well.