Joint borrowing: important issues when co-borrowing money as "tenants in common"
When a group of people borrow money together as tenants in common, lenders will usually just add up the incomes, commitments, assets and liabilities of each member in the group and assess the group together.
All the purchasers’ names will go on the mortgage and title deed and the co-borrowers will be jointly and severally liable for each other's debts.
PodProperty's advice - you are in safe hands!
PodProperty is pleased to provide you advice in relation to your group purchase as tenants in common and all insurances that you need to safeguard against things going wrong.
The different types of loans we can connect you to include:
·
Standard variable home loan (the most common
type of home loan)
·
Basic variable home loan (has more restrictions
than a standard variable home loan)
·
Fixed rate home loan
·
All-in-one home loan
·
Line of credit/equity home loan
·
Split loan (fixed/variable)
·
Low doc loan
Can we help you?
We can give you some great pointers in relation to your group finance requirements at no charge, obligation free.
So what are you waiting for? Call now on 1300 791 782 or download our free Guide.
Useful Links:
Mortgage default: what happens if I am a co-borrower and one of us defaults?
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