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Tenants in common but single mortgage?
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r6mile
Posts: 258 Forumite
Hello,
Is it possible for a house to be owned as tenants in common, but one of the tenants having a single mortgage? For example, one of the tenants owns 80% of the house and has contributed in cash, and the other tenant to own 20% through a mortgage in their own name only?
Is it possible for a house to be owned as tenants in common, but one of the tenants having a single mortgage? For example, one of the tenants owns 80% of the house and has contributed in cash, and the other tenant to own 20% through a mortgage in their own name only?
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Comments
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No, all named people on the deeds must be on the mortgage and vis versa.0
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Yes, although there is nothing to stop the tenants in common having an arrangement between themselves that the one who owns 20% is the one who pays the mortgage. However, if that person doesn't pay the other party would still be liable.housebuyer143 said:No, all named people on the deeds must be on the mortgage and vis versa.
As a result, you can't get the mortgage lender to ignore the credit history of the person who contributed the cash.0
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