Question about mortgages

[DimPrawn]

Can you buy a property in joint names on the deeds but only have one name on the mortgage (sole mortgage) or if the property is owned jointly, does the mortgage have to be in joint names?

TIA

[d000hg]

What's the aim here? It's not quite the same but on the house we own, the property and mortgage are both 100% in my name BUT there is a clause saying I can't sell the property without my wife's consent. At the time her credit rating was too awful to have her name anywhere near the paperwork so this was the advised way to make it 'our' house.

Also... just ask your friendly local independent mortgage adviser.

[alreadypacked]

Can you buy a property in joint names on the deeds but only have one name on the mortgage (sole mortgage) or if the property is owned jointly, does the mortgage have to be in joint names?

TIA

Not sure, but I think you might have an issue with whoever is lending you the money. They really own the property until the mortgage is paid, I am not sure they would like a third party involved. Who would they evict when the loan is not paid?

HTH

[Troll]

What is this thing mortgage of which you speak?

[DimPrawn]

What is this thing mortgage of which you speak?

It is what us divorced peeps have to avoid living in a shop doorway.

HTH BIDI

[DimPrawn]

Not sure, but I think you might have an issue with whoever is lending you the money. They really own the property until the mortgage is paid, I am not sure they would like a third party involved. Who would they evict when the loan is not paid?

HTH

This is what I've been told.

[OwlHoot]

Can you buy a property in joint names on the deeds but only have one name on the mortgage (sole mortgage) or if the property is owned jointly, does the mortgage have to be in joint names?

TIA

I'd guess sure there's no problem in theory, as long everyone mentioned on the deeds agrees to a charge being added to the deeds in favour of the mortgagee.

[Ketchup]

That would be very stupid. You would be liable for the whole debt and she would be entitled to half the property. As someone who bought a house with an ex and spent an enourmous amount of money getting the house sold when we broke up as she was being a **** i had to get an order for sale through the courts.

If you buy a house with anyone who you arent married with, get a deed of trust signed by both parties outlining what happens if you break up.

[Paddy]

Can you buy a property in joint names on the deeds but only have one name on the mortgage (sole mortgage) or if the property is owned jointly, does the mortgage have to be in joint names?

TIA

Yes, but these days I think the lender may not like that. What is easier is that one person is on the deeds and the second person registers his or her interest with the Land Registry

[Ketchup]

Yes, but these days I think the lender may not like that. What is easier is that one person is on the deeds and the second person registers his or her interest with the Land Registry

This is correct, the mortgage company will want the person on the deeds to be the mortgagee. The second person registers a charge on the property with the Land Registry. This way, on devolution of the title, the mortgage company are paid first (as they have first charge) then the second charge is paid.