Is it possible "to add" someone on a mortgage?

TS_777

My husband and I live in London and we were always renting because of schools (we have kids) and location (we like this area but property here is out of our reach). However now we are in our early 40-s and I feel that we have to buy a house or it will be too late to get a mortgage. Two years ago my husband was made redundant and decided to put all his savings into spread betting. Before he realized what was happening he quickly got into huge debt and had to declare himself a bankrupt. Recently (after 1 year) he was discharged. So we decided that I will get a mortgage in my sole name. I went to speak to a mortgage broker and he offered me an agreement in principle that should be enough (but we have to move to another area). I am putting all my personal savings as a deposit for the mortgage. So the mortgage is in my name and money for the deposit is also mine. As my husband will be paying it off with me, he wants me to acknowledge it later: to put his name on the mortgage 3 years after discharge with 25%. Is it possible to add his name on the mortgage when we remortgage?

mumof2girls_2

I am in the process of something similar at the moment- I have joint mortgage with my mum, we are now adding my partner's name to mortgage and removing my mum.

What we have to do is go to a solicitor and get my partners name added to the title deeds (Im sure this will be the same for you) and my partner and I have remortgaged so we can add his name to the mortgage. Very straight forward but our solicitors fee for the adding name to title deeds is £997.

So I presume your husband will be able to be added in a few years.

But there are wiser people on here than me who might give u more info!

Good luck anyway :beer:

mumof2girls_2

Also you can get a solicitor to do a minute of agreement which covers your husbands back to say that for all he is not named on the mortgage he is still contributing towards it. Handy for worst case scenario.

opinions4u

Post 2 answers things well BUT:

The lender has to agree to it and will almost certainly credit score.

I foresee a shortage of lenders wanting to take on anything sub-prime over the next 3-5 years.

That might be your main problem.

I would ask your solicitor (informally, so that they don't charge you) what options he/she sees as being available.

silvercar

Making the mortgage joint in a few years time will make a financial link between you and your husband. If his bankruptcy still shows on his credit rating at that time, your credit rating will be affected. Make sure this is something that you want to do.

Presumeably you are not financially linked at the moment as he has been made bankrupt and you have enough personal savings for a house deposit. So think carefully whether it is something you want to do in the future.

TS_777

Lots of thanks for your advices!
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