Joint house owners, one wants to raise a mortgage?

Scienceless

A friend lives in a house jointly owned by him and his father. There is no mortgage or debt on the house. The father lives elsewhere.
The house needs work, lots of it.
He wants to raise a mortgage to fund the work. He’s in a good job and good place financially. I’m sure he’d be approved by a bank based on his income etc.
But.., can he raise a mortgage on his ‘half’ of the house and not involve his father in any way?
House is worth min €400K and he wants to raise €100K.
It’s an unusual situation I’ll admit.

harr

Scienceless wrote: »

A friend lives in a house jointly owned by him and his father. There is no mortgage or debt on the house. The father lives elsewhere.
The house needs work, lots of it.
He wants to raise a mortgage to fund the work. He’s in a good job and good place financially. I’m sure he’d be approved by a bank based on his income etc.
But.., can he raise a mortgage on his ‘half’ of the house and not involve his father in any way?
House is worth min €400K and he wants to raise €100K.
It’s an unusual situation I’ll admit.

Would he be in a position to buy the dads share of the house if his dad was willing to sell ? It would then be easier to get a mortgage to include buying his dads share and doing up the house. Don’t see how it would work any other way unless of course he got a personal loan.
I for one wouldn’t be borrowing to do up a house if the other person wasn’t going to paying anything towards it.

Scienceless

There’s a bigger picture at play tbh. The joint ownership situation he finds himself in is a legacy of years of family infighting and court cases.
His relationship with his father is good, and the father, although joint owner, isn’t interested in the house from any angle. The son wants his fathers name kept as joint owner for his own reasons.
The approach to getting a mortgage described above is how he wants it to happen.
He hasn’t approached his bank yet, but admits to having no experience in these things.

On a separate note, are personal loans on that scale even available?

harr

Scienceless wrote: »

There’s a bigger picture at play tbh. The joint ownership situation he finds himself in is a legacy of years of family infighting and court cases.
His relationship with his father is good, and the father, although joint owner, isn’t interested in the house from any angle. The son wants his fathers name kept as joint owner for his own reasons.
The approach to getting a mortgage described above is how he wants it to happen.
He hasn’t approached his bank yet, but admits to having no experience in these things.

On a separate note, are personal loans on that scale even available?

Ahh ok, but I am sure his dads name would be needed on mortgage as a joint mortgage even if it was only your friend paying it. Probably both names on deeds. Not sure how high a personal loan would go.
Might be a good idea to speak to a solicitor who specialises in such matters as it sounds fairly complex.

phormium

He won't be able to get a mortgage on a house that is part owned by someone else, the father's name will have to be on the mortgage too.

Scienceless

phormium wrote: »

He won't be able to get a mortgage on a house that is part owned by someone else, the father's name will have to be on the mortgage too.

Ok thanks for the reply. Not surprised to hear that. Another way will have to be found.