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One Applicant, Two Owners: Getting a Secured Loan on a Jointly Owned Home

Being on the property deeds together but only one of you wanting to borrow creates specific legal and lender challenges. FCA guidance on informed consent and the practicalities of second charge lending mean your options are more limited — but not impossible.

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The Legal Position When Only One Owner Wants to Borrow

A secured loan creates a legal charge over the whole property, not just the borrowing applicant's share. This means the lender's security encompasses the non-borrowing owner's interest too. For the lender to have valid security, all legal owners must have consented to the charge — either by being a co-applicant on the loan or by signing a deed of consent acknowledging the charge and its implications.

The non-borrowing owner is in a legally significant position. While they are not taking on the debt personally (in the sense of being liable for repayment in most deed-of-consent structures), their home is at risk if the borrowing party defaults. This asymmetry — one party enjoys the loan proceeds, both parties risk the security — is exactly why FCA guidance requires that the non-borrowing owner receives independent legal advice before signing any consent documentation.

Some lenders will simply refuse applications where one owner does not wish to be a co-applicant. Others specifically offer a deed of consent route that accommodates this structure, provided independent legal advice is obtained. Your broker's knowledge of each lender's policies is crucial in identifying who to approach without wasting hard credit searches.

FCA Guidance on Informed Consent

The FCA's Mortgage and Home Finance Conduct of Business sourcebook (MCOB) and its Consumer Duty rules require that all parties to a secured lending transaction are treated fairly and that their consent is fully informed. This is not a tick-box exercise — the guidance specifically contemplates scenarios where non-borrowing property owners might be under social or domestic pressure to sign documents they do not fully understand.

In practice, FCA-regulated lenders will require evidence that the non-borrowing owner has received independent legal advice from a solicitor who is not acting for the lender or the borrowing party. The solicitor must confirm in writing that they have explained the nature of the charge, the risks of default, and the fact that the non-borrowing owner's share of the property is being used as security for someone else's debt.

This requirement exists to protect non-borrowing owners from arrangements that are not in their interest, and it provides the lender with legal protection against future claims that the consent was obtained under duress or without full understanding. Attempting to shortcut this process will result in the lender refusing to proceed.

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Lender Requirements and Practical Process

Lenders who accommodate the one-applicant-two-owners structure will typically require: a completed application from the borrowing owner; a credit assessment of the borrowing owner alone; a deed of consent signed by the non-borrowing owner; and written confirmation from an independent solicitor that the non-borrowing owner has received and understood ILA. The loan offer is conditional on all of these conditions being met before completion.

The non-borrowing owner does not need to provide income documents or submit to a credit search in most cases, since they are not liable for the debt. However, the lender will note that both owners are on the title and that only one is the borrowing party, and this is reflected in the documentation. The second charge is registered against the property title in the normal way, and both owners will be named on the Land Registry entry relating to the charge.

Arranging independent legal advice for the non-borrowing owner early — ideally before the formal application is submitted — avoids delays. Some solicitors specialise in this type of advice and can turn around the written confirmation quickly. Your broker can often recommend suitable solicitors from their panel who are experienced in this specific requirement.

Alternatives When Consent Cannot Be Obtained

If the non-borrowing owner refuses to sign a deed of consent and will not participate as a co-applicant, a secured loan against that property is not possible. This is a hard legal and regulatory boundary that cannot be worked around. The lender cannot obtain valid security without consent, and no FCA-regulated lender will proceed without it.

In this situation, alternative borrowing routes should be explored. An unsecured personal loan does not require property security and therefore does not involve the other owner at all — though the amounts available are lower and rates higher. If the borrowing party owns other property in their sole name, that could potentially be used as security instead. Alternatively, a business loan or asset finance might be appropriate if the funds are for commercial purposes.

It is worth considering whether there is a route to a conversation with the co-owner that addresses their concerns. Many non-borrowing owners decline out of anxiety rather than outright refusal — a clear explanation of the risks and benefits, ideally with the benefit of independent legal advice for them, sometimes resolves the impasse. In other cases, particularly where the relationship is strained, the disagreement over borrowing may be a symptom of a deeper issue best addressed separately.

Important: Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual rate available will depend on your circumstances. Think carefully before securing other debts against your home.

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Frequently Asked Questions

In most cases you cannot be the sole applicant on a secured loan against a jointly owned property without some involvement from the co-owner. Either they join you as a co-applicant, or they sign a deed of consent acknowledging the charge and receive independent legal advice confirming they understand the implications. Lenders who offer the deed-of-consent route are specialist rather than mainstream, so a whole-of-market broker is essential to identify your options.

A deed of consent is a legal document signed by a non-borrowing property owner acknowledging that a second charge is being placed on the property and consenting to this arrangement. It does not make the consenting party personally liable for the debt in the way that being a co-applicant would, but it does confirm that the property — including their share — can be used as security. The signing of a deed of consent should always be accompanied by independent legal advice.

When the non-borrowing owner signs a deed of consent rather than being a co-applicant, they typically do not need to undergo a credit search. Their income and financial history are not assessed as part of the loan application. However, the lender will note the ownership structure and may have specific policies about the relationship between the applicant and the non-borrowing owner, or the circumstances under which a deed of consent is acceptable rather than full joint application.

The non-borrowing owner must receive advice from a solicitor who is acting solely in their interest and is entirely independent of both the lender and the borrowing party. The solicitor will explain the nature of the second charge, the risk to the property in the event of default, and the fact that the consenting owner has no right to the loan proceeds but bears the security risk. The solicitor confirms this advice in writing to the lender as a condition of proceeding.

If your co-owner will not consent, the secured loan against your jointly owned property cannot proceed. There is no legal mechanism to override this requirement. Your alternatives include unsecured borrowing in your own name, borrowing against other assets you hold solely, or exploring whether the funds can be raised in another way entirely. A specialist broker can help you map out what secured and unsecured options may be available without your co-owner's involvement.

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