Does a co borrower have rights to the house?

To start, a co-borrower is any additional borrower listed on the mortgage whose income, assets, and credit history are used to qualify for the loan. Both co-borrowers on the mortgage are equally responsible for mortgage payments and typically have ownership of the house (i.e. they’re both on the property’s title).

Does it matter if you are the borrower or co borrower?

Co-borrowing is best for people, such as spouses, who want to share the responsibility of the loan payments and access to the assets tied to the loan. On the other hand, co-signing is best for a borrower who doesn’t meet a lender’s qualification requirements and needs help qualifying for a loan or lower interest rate.

Does it matter who is the co borrower?

Since the borrower and co-borrower are equally responsible for the mortgage payments and both may have claim to the property, the simple answer is that it likely doesn’t matter. In most cases, a co-borrower is simply someone who appears on the loan documents in addition to the borrower.

Can you buy a share in a shared ownership property?

While you live in your Shared Ownership property you are often able to buy the remaining shares, known as ‘staircasing’. It can sometimes make the sale of your home easier if it is offered at 100% ownership, even though you still only part-own it yourself.

Can a housing association sell both shares at the same time?

Selling the housing association’s share alongside yours is called ‘back-to-back’ staircasing. This means that the new purchaser acquires both shares at the same time. If you choose this option you are often able to complete the sale as you would with a freehold property.

How long does it take for shared ownership to sell?

Depending on your Shared Ownership lease, the association may have a right to nominate a new buyer for your property or to market your share for sale for an exclusive period of time, perhaps six or eight weeks.

How to set up a property share loan?

Once the property share loan is approved by your bank, you can choose to set up you loan facility as you wish (based on your eligibility for particular home loan features), including choosing a professional or basic package, choosing to fix your interest rate or not or choosing to have a 100% offset account.