Joint mortgage but one home owner

[sammd]

Is it possible to have a joint mortgage but for only one of the people to own the house? (on the deeds i assume?)

[dzug]

There was a thread a month or so back that seemed to conclude that it is possible. I didn't see how and still don't.

The unanswered question is what exactly is the advantage of it to the second person - who is paying part of the mortgage (and can be pursued for money if the owner defaults on payments) but not getting any share of ownership in return? With the possible exception of a parent doing this for a child or similar, anyone who agrees to this sort of arrangement is a naive fool.

And to be honest any lender who offers this sort of thing is a bit suspect too.

[sammd]

I understand your point dzug. I'm talking about this in the context of a parent helping a child, where the parent wants the child to have the house in only their name...

[Lampy]

I was advised bu Northern Rock that this is not possible, since you cannot take a loan against a property which you do not own. It makes sense in a way. You might want to seek advice from a property lawyer to see if there's some other way of doing it.

[sammd]

Ok, thanks Lampy.