Joint site single mortgage?

[Dublin Divorce]

Hi
I’ve read on a few posts that the banks won’t give a single mortgage on a jointly owned site. Can anyone explain the reasoning?

My situation is that I already have a huge mortgage on a property. Jointly owned with my ex husband and the mortgage was partially warehoused for a while after he walked out but has now been paid in full by me for the last year.

I now jointly own a site with my new partner and we want to self build. I presume due to my borrowings and previous restructure I wouldn’t be eligible for another mortgage however my partner earns enough to apply for a mortgage on his own.
Is this possible?

 

[Monbretia]

Short answer as to bank's reasoning is that you can't mortgage a property you don't fully own hence all owners must consent to the mortgage and from the bank's point of view that means a joint mortgage.

 

[Dublin Divorce]

Short answer as to bank's reasoning is that you can't mortgage a property you don't fully own hence all owners must consent to the mortgage and from the bank's point of view that means a joint mortgage.

Thank you. That makes sense. I presume my situation would rule out a joint mortgage (house in negative equity so I can’t sell) or would banks potentially accept a joint application in this sort of case, in that my part is just consenting to the mortgage rather than relying on my salary etc for the loan?

 

[Monbretia]

Part of the problem would be that once it is a joint mortgage then your income/expenditure will be taken into account too as you are a couple so your existing repayments and record would come into play. Might be worth consulting a broker to run through the figures and see if you have any chance or stick them up here and someone may be able to advise.