my name on the mortgage with partner

annachapman

Hi,
I live in Scotland so the system might be different, but I am sure many couples will have come across this problem.

My partner and I are buying a flat. I have a deposit but it is difficult for my income to be taken into account for the mortgage as I have just started freelance working. Also we get better income multiples assessing only my partner's income. The mortgage lender (Abbey) says that this means our mortgage can only be in my partner's name, as it's only on his income that's being considered.

This seems crazy as I am putting in 12K deposit and will be contributing to the monthly payments. Have I misunderstood something, or is there some way around this? If my name isn't on the mortgage our solicitor says it can't be on the title deeds, which I am desperate to avoid.

Any advice really appreciated - this is really stressfull!

Anna

TheDink

I have recently done this with my partner - we got a mortgage with Hinckley & Rugby, with both our names on the mortgage, but with only my income taken into account.

I spoke to their mortgage department before applying and was told to put both names on the application form, but only fill in the employment details for me. My partner is self employed and doesn't have accounts for the 3 year minimum period the building society required (sounds similar to your position).

I would speak to someone else at Abbey - they may have got it wrong. Other lenders will do this.

You will need to make sure your solicitor draws up a document stating that you are "tenants in common" - this way you can protect your deposit if things ever do go wrong.

annachapman

Thank you so much for this!

Gem_

The other thing you can do is to put a "second charge" against the property - effectively this is a second morgage against the house but with your partner taking it out from you rather than a mortgage company.

Though your name is not on the deeds it does protect your investment as you are guarenteed the money back if your partner decided to sell (could be useful if you break up).

I have one of these on our house because I already had a property and therefore the halifax wouldnt let me on the application or the deeds. They are all unique and your solicitor can draw up a deal for you both.

PM me if you want more info on what we did

Hope that helps

Gem

seaniboy

2 ways..........

do the individual mortgage then add yourself later, they did this for me a few years ago was just like adding the name to a current account, and then the loan account this was all at Abbey....

Put yourself on the application as houswife should get you around the hurdle just as easily, thats why you are freelance "your above all else your partners housewife" and thats his choice to add you to his purchase investment unless you got bad credit the bank usually dont mind as at the end of the day worse case senario is they can chase 2 people if the mortgage account defaults, more chance getting the ££ back


man did i get well & truely £££ burned at end of the relationship though, so I understand your need to have security over your 12K investment, if it does ever happen you get your 12K and 50% of the rise in property value in court, make sure you get on the mortgage account or then you only have 12K back if the worse happens and sign any cheque to the amount of 12K from one of your own accounts only not any joint account then you have proof that is your investment not a joint 1 weither or not you are on the mortgage

let us know how you get on

annachapman

thanks for the great advice. I'm going back to the Abbey fully armed now.
Hope the burns have healed.