Thread: Mortgage advice

Can you get a mortgage on a property that you do not solely own? It is more a question for my mother. She has a third share in a property with her brother and sister. Her brother wants to but her sisters share, but my mothers name will still be on one third, will he be able to get a mortgage?????

I have a mortgage solely in my name for a house that my wife and I own jointly and are on the deed jointly. The situation may be completely different for husband/wife however. I'm going to be finding out soon as I am trying to refinance a house that my brother and I own jointly.

Originally Posted by bendance

Can you get a mortgage on a property that you do not solely own? It is more a question for my mother. She has a third share in a property with her brother and sister. Her brother wants to but her sisters share, but my mothers name will still be on one third, will he be able to get a mortgage?????

First, I assume the property is held "free and clear", that it is owned with no debt against it, with equal shares in ownership. I also assume that the mortgage sought is somewhat like a "equity loan".

It's a bit complicated, but you can get a mortgage against a property that you do not entirely own, as long as the co-owners agree to the subordination to the property. The sisters will have to sign off allowing the property to be held as security.