Selling to buy a bigger joint property

Posted on 13 June 2018 by Sean

My parents in law and I are planning to each sell our houses and buy a joint larger property to live in. They will not need a mortgage, but I will. Is it possible to get a mortgage when I will only own part (half) of the property?

Hi Sean,

It should be possible for you to get a mortgage, but it will not be in your sole name as all parties named as owners at the Land Registry have to be named on the mortgage as well.  This will mean that your in-laws are joint mortgagors and depending on their ages this could restrict your choice of Lenders.  The industry norm is for mortgages to run until the age of 75, although there are a handful of lenders who will exceed this where income can be evidenced into and beyond retirement.

It is possible that your in-laws will not like being party to a mortgage and you should all take independent legal advice before deciding on the best way to purchase and finance this property.

 I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers. Please call 0344 346 3672 and they will then be able to offer further advice on your situation.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


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