Can joint owners get separate mortgages for the one property?

cocoa123

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My and my friend's family want to cooperate in buying one house and convert/rebuild it to 2 units(semidetached). Is it be possible to get one cooperative mortgage or two mortgages for one property from bank?
 
You'll only get one mortgage, secured on one property, and naming all owners as mortgagors.

You can make a preliminary approach to some banks and see if they would be inclined to consider your project. They would want some sort of plan/projection and the feasibility of what you are proposing together with evidence that the proposed mortgagors can afford the repayments.

mf
 
would be possible to separate the ownership of two new units and rest of the mortgage in the future?
 
Don't see why not - so long as your figures stack up.

But you'd need to be able to clear the original mortgage from the proceeds of the new mortgages

mf
 
mf1, could you advise what's the procedure of dividing one big residence (house and plot) to two residences?
 
Can I suggest that you might take specific advice from a solicitor based on your specific circumstances?

You'd need to start with the actual title, review what planning issues might arise, review if there are restrictions in the title preventing a sub division, work out a scheme of obligations and responsibilities for any shared services/supports/structures etc.,etc.

mf
 
Will the initial cost, plus the division costs be worthwhile financially. As in will the two new units be worth more than those costs. Otherwise getting two separate mortgages later might be a problem. Is planning easy. Will it be possible to have two driveways etc.

Sewrage, electricity and water will need to be separated.
 
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