Is it possible for me to get a mortgage under my name only and buy a house yet when I get a house to have my Mother's name also on the registration, perhaps as joint tenancy...ie my Mother has no mortgage. The reason is that she is unemployed and do not want to apply for a mortgage but she will give me some money for the deposit so wants a share of the house.
In message , Shoplifter writes
Some Banks will sometimes do this but dot expect normal interest rates. I dot understand why she doesn't want to be a party to the mortgage, so long as you are employed then her employment status doesn't matter, but if she has a bad credit record then it would be a hindrance.
Why doesn't she lend you the money and take a second mortgage on the house as security?
You mother might be asked to sign that the mortgage lender's interest in the house came before hers. You might also want to consider the capital gains tax implication - assuming that your mother owns and lives in another house. I would have thought that it was perfectly possibly and might incur a small extra initial charge. There is also joint tenancy and tenancy in common which you need to consider - I forget what the difference is.
I suggest that you ask potential lenders what their attitude is.
Michael Chare
The difference is that with the "in common" one the tenants own arbitrary shares, whereas with the "joint" one, the tenants own the whole thing as one share together. I may have them the wrong way round, but basically that's the difference.
What it means is that an asset owned jointly cannot be disposed of by will or otherwise without first severing the joint status. But I think that's easily done by declaration which can, I think, be unilateral, without consent of the other co-tenant(s).
If one of the joint tenants dies, his interest passes automatically (by survivorship) to all the other tenants. That is to say they are not inherited in the normal sense, although for IHT purposes they count as though they were. It is not possible for joint tenancies to be held in unequal shares, not can a joint tenancy generally be created except by simultaneous acquisition of the asset by all the joint tenants together, i.e. a JT is easily converted into a TiC, but you can't readily go in the other direction.
Why not go ahead with just you as the registered owner/mortgagee? You can then do a declaration of trust showing that you hold the equity in the property (net of mortgage) say 80% for you and 20% for your mum. If she does not trust you, she can register a caution at the Land Registry.
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