Can you get a joint mortgage on a self build if only one of you owns the site?

B

Bailey2020

New Member
Messages
1
Hi,
I have recently been granted planning permission on my parents site. We were planning on signing the site over to just me and not my partner so that my parents don't get landed with the 33% Capital Gains Tax. My question is can myself and my partner get a joint mortgage even if the site is just in my name and not both names?!
 
Yes you can. As long as you're named on the mortgage then a lender can initiate repossession proceedings in a worst-case scenario, which is what they're worried about. I've seen it done, but admittedly that was years ago. I don't know if all lenders will do it these days. You'd need to ask around or ask a mortgage broker.

P.S. - If your parents did give half the site to your partner, the liability to pay CGT would be your partner's; not your parents.
 
You must log in or register to reply here.
Back
Top