Business & Finance

mortgages

can you buy a property with a partner and have 2 seperate mortgage companies on the property?

MKG Fri 09/05/08 11:46

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Fay Mousse
Fri 09/05/08
12:31

Very tricky - you would be buying a specified and predetermined share each, lets say 50/50.

Theoretically this can be done, but the mortgage company wil be very wary. If one of you defaults then the mortgage company couldn't repossess because of the other's rightful occupation.

Far better to have one mortgage in two names.

MKG
Fri 09/05/08
12:59

Question Author

Thanks, Thought as much.

Oneeyedvic
Fri 09/05/08
16:38

Yes you can have two mortgages (or more) on one property, however there is an order of priority and the second lender would be in a far worse position that the first lender.

Fay Mousse
Fri 09/05/08
16:49

A second mortgage is a common, and different, scenario to the one the OP proposes.

The two mortgages are in the same name.

MKG
Fri 09/05/08
16:52

Question Author

Thanks everone.

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