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Joint Ownership - I need mortgage, my friend has cash!

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  • Joint Ownership - I need mortgage, my friend has cash!

    I am getting divorced and making a transfer of equity as I want to keep our buy-to-let property.
    I have a friend who is willing to go 50/50 with me and pay his half all in cash. I need as big a mortgage as possible.
    What is the best way this can be done so that my friend is not liable for the mortgage if I die/went bankrupt etc.

  • #2
    Re: Joint Ownership - I need mortgage, my friend has cash!

    Very difficult, because nearly all mortgage lenders require the owners of the property to be the borrowers, so either he will have to accept joint liability as far as the lender is concerned or the property can't be held jointly.

    HSBC/First Direct will consider lending to one person where a property is jointly owned but they are the only major lender that I know of that will do this.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.