Property News · September 11, 2013

How does tenants in common work?


I have a £40,000 deposit to put down and my partner will make the monthly mortgage repayments, but we’re not sure if this is the correct way to organise itQ My partner and I are planning on buying a property together as tenants in common for £290,000. We will have a joint mortgage of £250,000 and a deposit of £40,000. I will be paying the full £40,000 deposit and my partner will be paying the full monthly mortgage for the foreseeable future.Could you please explain exactly how tenants in common works? Although I vaguely understand it will be based on “shares”, is it that my partner is to pay the monthly mortgage until he has paid £20,000 (ie, half of the deposit) and then we both contribute equally to the monthly mortgage, thus both then owning 50%, or does it work another way? Continue reading…

Source : theguardian.com
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