Tenants in Common Question

[RedheadBaba]

Not sure if anyone is still up but posting in the hope that someone may be able to answer in the morning.

When two people buy a house as tenants in common, can only one of them have a mortgage on the property even though both own it?

That doesn't really make sense does it .

Background - mum and I are planning to buy a house 50/50. Mum can pay her half in cash, I need to split my half between cash and mortgage. Do we have to get a joint mortgage or can I get a mortgage just in my name??

TIA

I don't see why you shouldn't be able to get a mortgage in your sole name. However, the bank will register the charge against the property as a whole, not just against your 'half', so if for any reason you were unable to repay the mortgage, then your mum's asset would be at risk, too.

IME, a lender is unlikely to lend money on a property where only one of the owners is named on the mortgage deed. Policy may have changed so it's best to ask each individual lender about their specific policy.

Thanks both, I suspect it would be easier in the long run to just get a joint mortgage.

A joint mortgage can be awarded based on the salary of just one of the people can't it? My income is more than enough to cover the amount I need.

Yes, of course. After all, our mortgage is based solely on dh's income.

Thanks, now just have to find the best mortgage deal - what fun