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Platform launches a Joint Mortgage for Joint Property Buyers

The mortgage lender, Platform, has just launched a new product solely for joint property buyers. They say that research has shown that those with joint mortgagees tend to ‘perform better’ than those with a mortgage in their sole name. They are therefore able to offer favourable rates to joint applicants. Click here for the full report.

If taking out a mortgage in joint names it is very important to be aware of the two different ways in which you can own a property jointly, namely, as “tenants in common” OR as “joint tenants. ”

As “tenants in common”, if one co owner passes away their share will pass under the terms of their Will, if they had one or under the strict laws of Intestacy if they did not have a Will. Contrast this with “joint tenants”, where if one co owner passes away, their share will pass to the surviving co owner automatically. It is very important to discuss the matter fully with your conveyancer before you to apply to register the property in your joint names to ensure you choose the correct method of ownership that suits your circumstances. For example, a husband and wife with no children may wish to own as “joint tenants. ” However, a couple with children (from the present relationship or a previous relationship) may choose “tenants in common” as they want their share to pass to the children rather than their partner. There are also inheritance tax implications so be sure to discuss the matter fully with your conveyancer.

Fridaysmove have extensive experience in dealing with all types of residential conveyancing matters and can assist you if you are looking to buy a property in joint names. Click here for a quote on our conveyancing.

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