Can I get a mortgage on a property that is not in my name?

Posted on 14 February 2011 by laura


Can I get a mortgage on a property that is not in my name?

Laura,

In short, no. A mortgage is a secured debt which means that if it is not paid then the Lender can repossess the property and force a sale. Despite all the legal issues, I can't see the owner being particularly happy about this.

However, it is possible to be named on a mortgage but not on the title of the property if the mortgage is in joint names with the owner. In this situation the owner has also entered into the mortgage covenants and has only them selves to blame if the property is reposed.

This situation may arise where a parent wants to help a child obtain a mortgage or sometimes with a husband and wife where they do not want the house registered in both names.

Peter

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