Buying a house with Mum

km1500

propertyrental said:

km1500 said:

elsien said:

Is anyone able to give more advice about the OPs original question which is, presuming they have thought about all the points referenced above, can they get a mortgage without Mum’s name needing to be on it If she is a part owner of the house? 

if she is part owner in the house than they should structure it so that they are tenants in common and then it is certainly true that tenants in common can and always could get separate mortgages for their share of the house

If true, I stand corrected.

But I strongly suspect not true.

https://www.moneysupermarket.com/mortgages/tenants-in-common/


mum buys her 1/3 or whatever with cash

they buy their 2/3 with cash and a mortgage

user1977

km1500 said:

propertyrental said:

km1500 said:

elsien said:

Is anyone able to give more advice about the OPs original question which is, presuming they have thought about all the points referenced above, can they get a mortgage without Mum’s name needing to be on it If she is a part owner of the house? 

if she is part owner in the house than they should structure it so that they are tenants in common and then it is certainly true that tenants in common can and always could get separate mortgages for their share of the house

If true, I stand corrected.

But I strongly suspect not true.

https://www.moneysupermarket.com/mortgages/tenants-in-common/


mum buys her 1/3 or whatever with cash

they buy their 2/3 with cash and a mortgage

Only if you can find a lender happy with the prospect of repossessing 2/3 of the house. Who's going to want to buy in to a house which is still 1/3 owned by mum?

propertyrental

km1500 said:

propertyrental said:

km1500 said:

elsien said:

Is anyone able to give more advice about the OPs original question which is, presuming they have thought about all the points referenced above, can they get a mortgage without Mum’s name needing to be on it If she is a part owner of the house? 

if she is part owner in the house than they should structure it so that they are tenants in common and then it is certainly true that tenants in common can and always could get separate mortgages for their share of the house

If true, I stand corrected.

But I strongly suspect not true.

https://www.moneysupermarket.com/mortgages/tenants-in-common/


mum buys her 1/3 or whatever with cash

they buy their 2/3 with cash and a mortgage

Not at all convinced. But as previously advised, speak to a mortgage broker. If they can find a lender agreeable to the arrangement - great.

km1500

as far as reposession goes, you are all responsible for yhe payments

https://www.barclays.co.uk/mortgages/first-time-buyers/guides/joint-mortgages/

YoungBlueEyes

Not quite the same thing, but when we (me and himself) bought this place I wanted to be on the deeds but not on the mortgage and it couldn't be done. I'd sold my house for us to buy one together and I put about 50% down as cash for the deposit with him getting a mortgage for the other half. But they wouldn't go for that (how could they repossess half a house, as pointed out above) so we're both on the mortgage and the deeds.
This is a couple of years ago now mind, so things may have changed.
We're joint tenants not tenants in common, but I'm not sure that affects this particular issue.

user1977

km1500 said:

as far as reposession goes, you are all responsible for yhe payments

https://www.barclays.co.uk/mortgages/first-time-buyers/guides/joint-mortgages/

Only if all the parties undertake to be responsible for the payments. As already explained, that isn't necessary (but in practice the general expectation of mortgage lenders is that all the owners are so responsible).

propertyrental

km1500 said:

as far as reposession goes, you are all responsible for yhe payments

https://www.barclays.co.uk/mortgages/first-time-buyers/guides/joint-mortgages/

Not really relevant to this situation. Yes with a joint mortgage all are equally responsible for all the payments. But in this case it is being proposed that one owner will not be a joint mortgagee.