Putting boyfriend on mortgage

Pilchard

Hi there

Wonder if anyone can help.
I've been going out with my boyfriend for 2 years now and we've been living together for a year. My fixed rate mortgage comes to an end in March so we're looking to remortgage and get a bit extra to do up the kitchen ready for selling. We eventually want a house that we've bought together. We did consider him buying a house and me selling this so we're not stuck in a chain but he wouldn't be able to afford a 100% mortgage on his own so we need the equity from my house.

We were talking about putting him on the deeds and mortgage when the time comes but I need some advice. The problem is he's not yet divorced from his ex-wife. If anything happens to him when he's on the mortgage would she have any claim on the house?

Any advice would be appreciated.

Caz3121

don't do anything until he is divorced AND has the finances sorted out...don't know what the relationship with his ex is like but when the finances are sorted he will need to declare all assets at the time of divorce so your home could be counted.

My partner is divorced but still does not have the finances finalised (long story) so our life is on hold until it is rubber stamped by the court.

Does he have children? is he looking to get a clean break financially?

Sooler

Pilchard wrote: »

Any advice would be appreciated.

Forget the whole idea. Your house. Your mortgage. Keep it that way. It's best for you I reckon

koexelek

Sooler wrote: »

Forget the whole idea. Your house. Your mortgage. Keep it that way. It's best for you I reckon

Agreed. You have nothing to gain by putting him on ( unless your income does not cover the extra you want to borrow) but everything to lose

seven-day-weekend

Certainly don't do it while he is still a married man!

Agree with sooler.

getmore4less

Pilchard wrote: »

Any advice would be appreciated.

Read the posts on people splitting.

Nearly every case of a split the problem is that one of the parties is not able to take on the mortgage on their own so this causes loads of problems.

I would keep any purchase a 50:50 and only buy up to the limit of one of you being able to take over the full commitment.

Not sure doing up a kitchen is worth bothering these days probaly won't get the money back when you sell.

Personaly I would stay financialy seperate untill it is clear what his finances are so no joint anything that will financialy link you.

robin_banks

Agree with other posters, you'll also be liable for stamp duty as well, this is because you are changing the ownership of a property outside of marriage.

Pilchard

Hi there

Thanks for all the advice. They have one child but he's 24 (we're in our 40's) and all the finances were sorted when they separated as they sold their house and split all the assets and had a financial agreement drawn up with a solicitor. I'll sit down with him and discuss it.

Take care xx

getmore4less

Pilchard wrote: »

Hi there

Thanks for all the advice. They have one child but he's 24 (we're in our 40's) and all the finances were sorted when they separated as they sold their house and split all the assets and had a financial agreement drawn up with a solicitor. I'll sit down with him and discuss it.

Take care xx

Did he get enough cash so he could buy 1/2 the house off you, well 1/2 the equity in cash, and then goes on and contributes to 1/2 the mortgage

That could achieve the goal and the fall back is you an still buy him out again if you split as long as prices don't rocket .

lrr_2

Dont do it!

lindsaygalaxy

DONT DO IT!
1. His wife COULD have money from you as they are not divorced. People can turn nasty where money is involved. Even though his son is 24, he is still his son.
2. IF you broke up, he could claim half of the house. you never know what the future may hold.

It may seem like a good idea now,but yo may regret it in the future.
P.S all his promises now that he wouldnt do that to you, you wouldnt break up etc, remember, he said that to his wife at one point. Im not trying to say you will ever break up, I just hope you dont put his name on the mortgage.