can i be added onto my boyfriends mortgage?

melatron

hi, i have been posting recently under my other thread 'mortgage declined -can anyone help?' and that was to seek advice on what me and boyfriend could do about getting mortgage in both our names with a 10% deposit.

however, it seems this is not possible for us as i also have bad credit showing on my report going back 4 years ago which is redcuing my credit score. we have tried to go with a few lenders but no such luck because with our low deposit, my previous bad credit still showing and the current climate, they are not interested.

however, my boyfriend may be able to get the mortgage on his own as he has excellent credit, a good salary and we can use our deposit still, we may not be able to borrow as much but we're not too bothered about this.

what i would like to know is can i get added onto the mortgage say in a year or two when hopefully things have improved and some files have dropped off my report? do we have to wait till the end of the fixed term to add me?

also, can we instruct the lawyers to put both our names on the deeds for a house even though the mortgage would be in my boyfriends name? if not, i take it we can get some kind of plause in the contract to say i would be entitled to half of what we put into the house should anything happen?

any advice would be much appreciated,

thanks

Conrad

No you can't be added to the Deed as this would impede lenders abilty to repossess if your BF defaults.

You can be added to a mortgage contract if you pass the lenders underwriting, credit score and so on. Not possible to give a time frame - it will be a case of suck it and see. Supposedly adverse credit entries fall off after 6 years. Many factors will be assessed at the time.

As to how to protect yourself, all I would suggest is to ask a separate Solicitor whether it's possible to draw up a private agreement between the 2 of you, but note a lender will decline your mortgage if they get a whiff of this.
What ever happens, the lender has first refusal on the security. There is no such thing as 'protecting youre halve' as the lender retains unfettered access to the entire property deed.

In your private written agreement pay special attention to the procedure on his death or if he became incapable for example if in a coma. His beneficieries would be all over the asset like a rash - people who hitherto would appear ethical and nice, often become greedy when real money is at stake.

melatron

thank you for that information, just what i was looking for.

we expected that i wouldnt be able to be added onto the deeds but as long as we can draw up a private one with the solicitor then thats fine. my credit file shows that in theory most of my files will drop off in the next year or two so its just a case of waiting i think, and hopefully the market will improve slightly by then so lenders will be less strict on their criteria.

i didnt think about the procedure if anything happened to him so this is something i will bear in mind and speak to him about so we can also get this included in the contract.

thanks ever so much for your help

melatron

just one more thing......

they say you have to make a will when you buy a house, we dont have one at the moment but if im not going to be on the mortgage at first, does that mean only my BF could make one? would i not be allowed also??

getmore4less

melatron wrote: »

just one more thing......

they say you have to make a will when you buy a house, we dont have one at the moment but if im not going to be on the mortgage at first, does that mean only my BF could make one? would i not be allowed also??

It is not required to make a will when you buy a house.

You can make a will if you want.

melatron

well we both dont mind making one and in our situation, its probably a safe idea.
i just wasnt sure if we would still both be able to make one even though my boyfriend will be the only one on the mortgage and house deeds at first.