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    • SteveKendo
    • By SteveKendo 14th Sep 18, 12:58 PM
    • 5Posts
    • 0Thanks
    Unemcumbered Mortgage/Loan with a difference
    • #1
    • 14th Sep 18, 12:58 PM
    Unemcumbered Mortgage/Loan with a difference 14th Sep 18 at 12:58 PM

    Myself, Partner and partners mother are in the process of buying a house together. To facilitate this we are selling our current properties. Partner's mother is mortgage free, myself and partner have a current mortgage. We have enough capital after the sales to purchase the new house outright and pay our existing mortgage off. However, we intend to extent the property and carry out renovations and will need to fund this with a mortgage/loan etc.

    We all want to be on the title deeds. Now the question is are there lenders who will transact a large loan (120k+) knowing that there are three people on the deeds (instead of the traditional two)?

    Many thanks
Page 1
    • obay
    • By obay 14th Sep 18, 3:03 PM
    • 537 Posts
    • 442 Thanks
    • #2
    • 14th Sep 18, 3:03 PM
    • #2
    • 14th Sep 18, 3:03 PM
    I believe you can have three on the mortgage now (could be wrong).

    But you can outright purchase your property, you wouldn't need a mortgage? It'll be in the solicitor's hands, and it should be fine.
    1/12/16 - 152,599.00
    11/11/17 - 145,990.00 <> Overpaid 3916.
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    • SteveKendo
    • By SteveKendo 14th Sep 18, 3:38 PM
    • 5 Posts
    • 0 Thanks
    • #3
    • 14th Sep 18, 3:38 PM
    • #3
    • 14th Sep 18, 3:38 PM
    Thanks Obay, we can afford to purchase but not to pay for the planned extension.
    • kingstreet
    • By kingstreet 14th Sep 18, 4:21 PM
    • 34,337 Posts
    • 18,651 Thanks
    • #4
    • 14th Sep 18, 4:21 PM
    • #4
    • 14th Sep 18, 4:21 PM
    Yes. Three borrower mortgages and proprietors is acceptable to some lenders.

    Careful of age/term issues though if there's a mother involved.
    I am a mortgage broker. 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.
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