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Max Lowry
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
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Hi, I jointly own a property with my aunty. It is a tenancy

Customer Question

Hi, I jointly own a property with my aunty. It is a tenancy in common agreement with her owning 50% and me owning the other 50%. There is no mortgage on the property and it is currently being let out. I would like to borrow against my half of the property but without my Aunt being on the mortgage. I would presume, if this is possible, it would have to be a buy to let mortgage. Is there ANY way I can borrow against my half without my Aunt being on the mortgage?
Submitted: 3 years ago.
Category: Law
Expert:  Max Lowry replied 3 years ago.

Max Lowry :

Hi, welcome to the site. My name is Max and I will help you with your question.

Max Lowry :

This is possible to do, although as you can imagine, it's not normal to do it and you might find that most commercial high-street lenders are unwilling to do this. Usually, they will only lend where they can secure their lending using a legal mortgage, which requires all those people on the legal title to agree to the mortgage.

Max Lowry :

What you could do, though, is perhaps agree between you that the property be transferred into your sole name and that you borrow accordingly. You would need to get a lawyer to draw up a deed between you which confirms who owns what in the property, but this is one way in which a commercial lender might be more willing to lend to you.

Max Lowry :

The first port of call for you would be a good mortgage broker, who understands which lenders are likely to agree to something more outside of the box.

Max Lowry :

Hello there.

Max Lowry :

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