Thursday, November 27, 2014

Can i use my 50% share of a house as a type of deposit with a bank to get a mortgage to buy another house?

I own half of a home.

I dont want to sell my share of said home but i do want to move out.

I do not have the deposit to get a mortgage.

so can i use my share of the house (without selling it) as a type of "deposit" in order to get a mortgage?

I know little about all this so any help will be apreciated guys. Thanks in advance for any potential replies:) ps i live in the UK
Added (1). I would like to add that in my current home, there is no mortgage its been totally paid off. Thus i own half of the house outright.

Read more: Can i use my 50% share of a house as a type of deposit with a bank to get a mortgage to buy another house?