Donate SIGN UP

Can you have two mortgages on one property?

Avatar Image
mouse8 | 13:52 Mon 07th Feb 2011 | Business & Finance
3 Answers
One in my name & one in my partners?
At moment I live in his house and he pays the mortgage.
He would like me to have a share of the property and my name on the deeds.
He does not want a joint mortgage.
Can I pay off part of his mortgage with a mortgage of my own?
Thanks
Gravatar

Answers

1 to 3 of 3rss feed

Best Answer

No best answer has yet been selected by mouse8. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
probably not, if one of you defaults the mortgage company would have problems in a reposession
When you take out a mortgae the lender does so as Ubasses says on the understanding that should you default they can get thier money back. If you have ever seen a building sociecty "survey" you will see that.

If you have a house and the sum of the two mortgages are less than the property is worth and you declare to the second lender the existanxe of the first mortgage, it would be fine.

I don't think you could actualy get a 2nd mortgage without that declaration as your 1st mortgae is registered. If you did succeed in getting a 2nd mortgage without declaring the first thats fraud.
Why does he want you to have a share of the property but not share the mortgage? Makes no sense to me and I cannot see why any lender would agree to being the second charge on a property under these circumstances.

1 to 3 of 3rss feed

Do you know the answer?

Can you have two mortgages on one property?

Answer Question >>

Related Questions

Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.