Shared ownership
A shared ownership mortgage is something that one than one person is responsible as far as repayment. A shared ownership mortgage is something in which one than one party share not only the property but the responsibility of repaying the existing mortgage debt.
A mortgage of this kind can exist between parties that reside within the same residence. However, it is possible that the other party does not reside within the residence at all.
Shared ownership essentially means that both parties are responsible for maintaining the property as far as home repairs and the overall up keep of the property. In addition, the property may also be used as a rental or income property for all owners or parties that hold an interest in the property.
A shared ownership mortgage may be a bit easier to acquire than a conventional mortgage. It is possible that one party is willing to hold more responsibility as far as repayment of the mortgage loan and the overall upkeep of the property.
Shared ownership could be something as simple as ownership of a property between husband and wife. It simply means that more than one person shared responsibility in all aspects of the property.
Shared ownership mortgages are still subject to credit approval and the mortgage loan is assigned a certain interest rate. All terms of the loan must be agreed upon by any and all parties involved.
If one party for whatever reason defaults on the mortgage loan the other party is responsible for repayment of the loan. For more details click on shared ownership mortgages.
