Tenants in common & loan security

[Catso]

Can anyone tell me the procedures/conventions as regards the above? Can tenants in common take out a mortgage or secured loan? Do they have to do it together, or can (or must) each part-owner have a mortgage/loan on their share only? If so, does the agreement of all the other part owners have to be obtained? Do they even have to know?

What would happen if the mortgage/loan wasn't kept up?

I've tried Goolging, and looked at several lenders sites, but no one ever mentions tenants in common, only joint.

[Mrs_Pegasus]

If you are tenants in common then you will have an agreed split of the ownership of the property i.e. 50/50. You would have the deeds in joint names and therefore any charges on the property i.e. equity loan would need the agreement of both parties.

Due to the complexities of splitting the property etc. I would only advise going into something like this through a solicitor.

If the repayments were not kept up then the lender can go for the asset it was secured against i.e. the house, the same as any secured loan whether the parties are married or not.

[themas]

I think that nowadays a mortgage lender would almost certainly not lend on a property without the names of all owners being on the mortgage. You need to ask the lender you are thinking of using, or a mortgage broker, for information about your specific circumstances.