
10 ways to maximise your mortgage chances
Here are 10 top tips to help improve your likelihood of being accepted for a competitive mortgage deal
If you’re thinking about getting a mortgage with someone else, you might want to consider tenants in common. Find out all you need to know here
Tenants in common is an arrangement which allows two or more people to own a share in a property. With this type of agreement, there are three main things to remember:
Tenants in common is also a way to cut inheritance tax. Consult a solicitor about putting your children or beneficiaries as part of a trust so that the property will not be liable to inheritance tax in the usual way.
It can also help with care home fees, as the government can only means test you for the part of the property that you own.
Joint tenants or joint tenancy is where two or more people have equal ownership in a property. If one of the joint tenants were to die, ownership would pass to the remaining tenant or tenants – you can’t leave your part of the property to someone else in your Will.
With tenants in common, on the other hand, it’s possible for each tenant to own a different sized share of the property (although they can also split the property equally if they wish to). Ownership does not automatically pass to the remaining tenant if one were to die, so you can pass your share on to someone else in your Will.
In both cases, if one tenant wants to sell up, all tenants must agree.
It’s important to consider all the outcomes before you sign a tenants in common agreement. It’s worth sitting down to discuss:
Here are 10 top tips to help improve your likelihood of being accepted for a competitive mortgage deal
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