Mortgage on a Jointly Owned Property

L

Lord Rossmore

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I recently inherited a house jointly with my brother. Is it possible for me to release half the equity in the house (the half that belongs to me), or are there any particular issue I should know as I am a joint owner ?
 
No.

If your brother agreed, you might get a joint loan on it from one of the non bank lenders.

Would he agree to sell it if you need the money?

Brendan
 
Brendan Burgess said:
No.

If your brother agreed, you might get a joint loan on it from one of the non bank lenders.

Would he agree to sell it if you need the money?

Brendan
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He might agree to sell, we would need to discuss that

So, even if he agreed to the mortgage, a bank wont do it because its jointly owned ?
 
He would have to agree to have his name on the mortgage, not just agree to the property being mortgaged. This then makes him responsible for the debt should for any reason something go wrong!

Can he afford to buy out your half?
 
Lord Rossmore said:
So, even if he agreed to the mortgage, a bank wont do it because its jointly owned ?
Click to expand...

He will be a full party to the mortgage. If you borrow €300k, he will be fully liable for the €300k if you don't pay.

And his credit record will be damaged if you don't pay.

Brendan
 
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